KOLKATA: Leading ratings agency, CRISIL has upgraded the credit rating of Jindal Steel and Power Limited (JSPL) to 'Stable Outlook'. Earlier, the company's ratings were upgraded by CARE and ICRA.
“The credit rating by three leading rating agencies CRISIL, ICRA and CARE is a clear reflection of growth promise of JSPL. The 5 MTPA integrated steel plant at Angul will be harnessed to optimal capacity utilization levels during this fiscal”, N A Ansari, CEO–JSPL said. “JSPL is well poised to continue the superlative performance and growth curve during this fiscal ”,he added.
JSPL reported its highest ever steel production and sales in Q4 2018 and for the year 2017-18 with the 5 million tonne per annum (mtpa) integrated steel plant at Angul getting fully commissioned. The company posted a net profit of Rs. 145 crore and bounced back into black after 13 quarters. In the Q4 FY 2018 results reported yesterday, JSPLs standalone EBIDTA saw a 66% rise on a year-on-year basis and clocked an EBIDTA margin of 26%, as the consolidated EBIDTA traced a growth of 38%.
The Q4 consolidated revenues increased by 27% on a consolidated basis with all its steel plants at Angul, Raigarh, Patratu and Oman recorded highest steel production. JSPL saw a substantial reduction in net debt by Rs 4,500 crore from a peak level of Rs. 46,500 crore to end FY 2017-18 will debt level at Rs. 42,000 crore.
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