13 August 2015
1QFY16 Results Update | Sector:
Metals
Jindal Steel & Power
BSE SENSEX
27,550
Bloomberg
Equity Shares (m)
M.Cap. (INR b) / (USD
b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
S&P CNX
8,356
JSP IN
914.9
62.2/1.0
301 / 68
-17/-49/-81
CMP: INR68
TP: INR75 (+10%)
Neutral
Focus shifts to core business and cost management
The operating performance was impressive despite severe steel pricing pressure.
Consolidated EBITDA was 8% above estimates at INR10.2b (-39% YoY), helped by
better performance of standalone business (EBITDA at INR7.1b v/s est. of INR6.7b) on
extensive cost cutting and significant reduction in losses of various assets at global
ventures. Jindal power, however, disappointed because the commercial generation
was far less than the gross generation reported by CEA. Generation at EUP1 declined
due to shutting of 2x250MW units, while power was generated by other units that are
yet to achieve commercial commissioning. Interest cost rose 10% QoQ to INR8.5b.
Adjusted loss after tax was INR3.4b.
For the first time, we noticed urgency on the part of the management to set the
house in order and accept reality. Sale of non-core assets, once viewed strategic,
has started. USD300m was raised by Aircraft sale (USD70m), settlement with
Bolivia government (USD46m) and sale of Botswana mining assets. Massive cost
saving exercise is underway by way of cutting marketing budget and re-
negotiations with vendors and contractors. To lower transportation cost, JSP has
floated a transportation company to break the pricing power in logistics.
We believe that JSP has the potential to bounce back if the management keeps its
focus on cost management and sale of non-core assets. Both steel and power
assets are strategically located in mineral-rich states of Chhattisgarh and Odisha,
and the demand growth for both the assets is at inflection point in India.
As the current earnings don’t reflect earnings potential of assets over their life, we
have adopted a combination of normalized margin and replacement cost
approach to value the company. As per the calculations, we arrive at INR75/share
(Exhibit
12
on page 7). We resume coverage with Neutral.
Avg Val,INRm/Vol ‘000 1279/8261
Free float (%)
38.7
Financials & Valuation (INR Billion)
Y/E MAR
Net Sales
EBITDA
Adj PAT
EPS (INR)
Gr (%)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
2015E 2016E 2017E
202.2 198.0 223.5
54.8
6.3
6.9
39.1
-24.3
-26.6
49.6
-16.0
-17.5
-66.8 -483.8 -34.2
217.3 188.4 168.5
3.0
4.7
9.8
-13.1
1.6
-2.6
0.4
-9.8
3.1
-3.9
0.4
EV/EBITDA(X) 0.3
Estimate change
TP change
Rating change
Sanjay Jain
(SanjayJain@MotilalOswal.com); +91 22 3982 5412
Dhruv Muchhal
(Dhruv.Muchhal@MotilalOswal.com); +91 22 3027 8033
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

Jindal Steel & Power
1QFY16 Results Analysis
Standalone: Extensive cost cutting protected margin
Realization fell sharply by
14%
Steel production was up 6% QoQ and 7% YoY to 860kt. Steel sales rose 8% QoQ
and 15% YoY to 850kt. Steel business realization is estimated to have decline
mid double-digit QoQ on pressure from cheaper imports. JSP is targeting ~4mt
of steel sales in FY16E however the realization will remain under pressure from
low priced imports.
Exhibit 1: Standalone steel sales grew 8% QoQ to 860kt
Steel product sales
Steel product production
Source: MOSL, Company
Margins in pellet business
have shrunk
JSP restarted pellet sales in the quarter, although in small quantities (94kt), as
domestic iron ore supply improved. The margins in pellet business have shrunk
in view of oversupply. Therefore, we are not optimistic about meaningful
contribution from merchant sales of pellet. However, the focus on asset
sweating may help in better absorption of fixed capacity charge.
Exhibit 2: Pellet sales started in small way
production
898 938
800 867 829
210 226
347
526 464
1072
658
395 436
1032 966 1038
1067
Sales
1032
1088
911 915
745
645
94
550
635
623 658 551 639
525
320
118
241
100 30
0
0
Source: MOSL, Company
Extensive cost costing was
seen in other expenditure.
Other expense was down 32% QoQ (down 17% YoY) to INR4.3b on extensive
cost reduction initiatives and closure of coal mines.
We estimate steel business EBITDA was broadly flat QoQ (at ~INR7,800/t), which
was positive considering the sharp fall in realization.
13 August 2015
2

Jindal Steel & Power
Exhibit 3: Captive power sales surged during the quarter on lower internal consumption
Sales (M Kwh)
1,417
1,182
1,457
1,477
Generation (M kWh)
2,068
1,000 931 947
780 916
1,629
1,220
1,682
790 672
0
1,792
1,034
350
180 256 299 259 222
557 584 547 603 517
384
116
300 290 350
Source: MOSL, Company
Energy consumption came
down on technological
modification of furnace
External power sales were up 54% QoQ to 1034 Mkwh, while the power
generation was down 7% QoQ. The implied energy consumption per ton of steel
produced came down sharply by 49% QoQ to 673kwh per ton of steel produced
as share of hot metal in the mix of metallics increased helped by technological
modification of electric arc furnaces to near BoF furnace.
(INR Million)
4Q
790
0
672
34,617
-6.1
6,222
-36.0
18.0
6,415
4,668
273
-4,588
-206
-4,795
-2,448
51.1
-2,346
-2,140
-149.7
1Q
850
94
1,034
34,527
-3.7
7,104
-40.4
20.6
6,909
5,010
540
-4,276
0
-4,276
-1,603
37.5
-2,673
-2,673
-187.3
FY16
2QE
3QE
917
59
315
31,982
-6.7
6,253
-43.3
19.6
6,553
4,699
264
-4,735
0
-4,735
0
0.0
-4,735
-4,735
-264.8
1,018
71
321
34,568
-5.6
7,332
-28.5
21.2
6,621
4,715
92
-3,912
0
-3,912
0
0.0
-3,912
-3,912
-432.8
FY15
4QE
FY16E
FY16 vs Est
1QE
(%)
Exhibit 4: Quarterly Performance (Standalone)
Y/E March
1Q
Sales volume
Steel (000 tons)
Pellets (000 tons)
CPP (M kwh)
Net Sales
Change (YoY %)
EBITDA
Change (YoY %)
As % of Net Sales
Interest
Depreciation
Other Income
PBT (before EO item)
Extra-ordinary Income
PBT (after EO item)
Total Tax
% Tax
Reported PAT
Adjusted PAT
Change (YoY %)
737
118
350
35,839
4.6
11,920
13.8
33.3
4,283
4,155
219
3,700
0
3,700
638
17.2
3,063
3,063
-30.2
FY15
2Q
689
241
0
34,276
-6.2
11,027
1.8
32.2
4,472
4,440
252
2,367
0
2,367
-505
-21.3
2,873
2,873
-19.5
3Q
714
0
790
36,606
-3.1
10,259
-15.2
28.0
5,549
4,593
88
204
-7,871
-7,667
-971
12.7
-6,696
1,175
-67.8
992
2,930
3,844
917
-7
85
359
264
49
315
1,812
1,328
376
36,079 141,338 136,533
33,904
2
4.2
-2.8
-3.4
-5.4
7,727 39,427 28,047
6,736
5
24.2
-8.6
-28.9
-43.5
21.4
27.9
20.5
19.9
6,690 20,719 26,348
6,484
7
4,730 17,856 18,827
4,684
7
1,394
831
1,980
230
135
-2,300
1,684 -15,149
-4,202
2
0 -8,078
0
-2,300 -6,394 -15,149
-4,202
2
0 -3,287
0
0
0.0
51.4
0.0
0.0
-2,300 -3,107 -15,149
-4,202
-36
-2,300
4,971 -15,149
-4,202
-36
7.5
-68.8
P to L
-237.2
Source: MOSL, Company
Global Ventures: improves on cost initiatives
Global ventures (GV) i.e. all subsidiaries (excluding Jindal Power) posted an
EBITDA of INR1.3b in the quarter, as against a loss of INR1.6b in 4QFY15.
The improvement was across board driven by cost efficiency measures
undertaken by the company (such as re-negotiation of contracts).
Oman EBITDA was down to INR1.5b in the quarter from INR1.9b. Steel sales
volumes were at 250kt in the quarter and the management is guiding for 1mt
sales for FY16 from the unit.
13 August 2015
3

Jindal Steel & Power
Performance at Mozambique improved and the operation turned marginal PAT
positive
Jindal Power: EUP1 shutdown hurts commercial generation
Gross commercial generation declined 43% QoQ to 1,875MU on shut down of
2x250MW units of EUP1. Total generation (inclusive of trial run of EUP3)
however was up 18% QoQ to 3,273 Mkwh as reported by CEA.
Net realization improved 13% QoQ to INR3.56/kWh added by rising share of
Southern India PPAs at the cost of merchant sales.
EBITDA was down 49% QoQ to INR1.7b on lower generation. EBITDA margin was
at INR1.0/kWh.
PLF is expected to improve on easing of supply and power evacuation
constraints. Management guided for 70-75% PLF for EUP1 and 45-50% PLF for
EUP2 in 2QFY16.
INR million
4Q
2,800
44%
2,692
2,463
7,740
3.14
43.5
3,350
1.4
4,375
1.8
970
1Q
3,400
25%
1,875
1,716
6,100
3.56
-13.1
1,700
1.0
1,818
1.1
260
FY16
2QE
3QE
3,400
3,400
41%
48%
3,042
3,540
2,783
3,241
8,753 10,489
3.15
3.24
-5.6
27.1
3,082
4,233
1.1
1.3
1,796
2,947
0.6
0.9
571
1,488
FY15
4QE
3,400
48%
3,540
3,241
10,489
3.24
35.5
4,233
1.3
2,947
0.9
1,488
2,800
40%
9,932
8,969
32,280
3.60
31.4
16,980
1.9
11,720
1.3
-1,360
FY16 vs Est
1QE
(%)
3,400
3,400
0
39%
44%
11,504
3,271
-43
10,978
2,998
-43
35,035
8,699
-30
3.19
2.90 22.6
8.5
23.9 -154.8
12,191
3,109
-45
1.1
1.0
-4.4
7,049
1,824
0
0.6
0.6 74.2
2,176
593
-56
Source: Company, MOSL
FY16E
Exhibit 5: Jindal Power’s quarterly performance
Y/E March
Capacity
PLF
Gross generation (MU)
Est. Power sales (MU)
Net Sales
(INR/kwh)
Change (%)
EBITDA
(INR/kwh)
EBIT (segment)
(INR/kwh)
Reported PAT
1Q
2,800
40%
2,446
2,134
7,020
3.29
8.6
4,270
2.0
2,963
1.4
1,950
FY15
2Q
3Q
2,800
2,800
46%
44%
2,799
2,699
2,603
2,510
9,270
8,250
3.56
3.29
39.4
36.2
5,220
4,140
2.0
1.6
5,297
4,810
2.0
1.9
2,950
-7,580
13 August 2015
4

Jindal Steel & Power
Valuation and views
TP: INR75, Maintain Neutral
The business environment for both steel and power is now extremely
challenging for the company. Margins in many of its highly profitable business
e.g. Pelletization, sponge iron and merchant power generation have collapsed
on combined effect of fall in prices of end products and rise in cost after
disruption of iron ore supply from long term favorably priced mine and closer of
captive coal mines.
For the first time, we noticed urgency on the part of management to set the
house in order and accept reality. Sales of non-core assets, once viewed
strategic, has started. USD300m was raised by way of sale of Aircraft (USD70m),
settlement with Bolivia government (USD46m) and sale of Botswana mining
assets. The cash will flow in during 2QFY16. Massive cost cutting exercise is
being undertaken by cutting marketing budget, re-negotiations with vendors
and contractors. To cut on transportation cost, company has floated a
transportation company to break the pricing power in logistics.
(INR million)
FY14
200,040
175,473
145,440
2,935
2,035
32,621
1,468
FY15
202,247
169,967
141,338
2,930
359
31,243
1,420
534
466
171
-3,081
32,280
8,969
54,835
37,855
39,427
13,454
-1,572
7,235
5,096
-2,794
-6,013
16,980
1.9
27,328
27,506
26,073
2,256
3,689
6,336
-66.8
FY16E
FY17E
198,012 223,491
162,977 179,714
136,533 151,339
3,844
4,541
264
0
27,966
30,144
1,500
1,500
1,200
1,200
1,065
819
520
400
-2,588
-2,588
35,035
43,777
10,978
13,236
39,141
49,636
26,950
32,258
28,047
32,131
7,296
7,076
-1,097
127
3,909
4,055
2,606
2,703
-196
-79
-377
-197
-4,811
-3,848
12,191
17,378
1.1
1.3
29,845
30,402
9,296
19,234
36,104
36,636
618
509
-26,189
-16,894
-24,318
-16,012
-483.8
-34.2
Source: MOSL
FY12
182,086
151,683
133,340
2,385
1,995
27,961
1,200
FY13
198,068
172,971
149,547
2,843
2,112
29,012
1,520
Exhibit 6: Income statement segmental details
Y/E March
Net sales
Steel business (incl. CPP)
Standalone
Steel sales (kt)
Pellet sales (kt)
Shadeed
HBI (kt) production
Steel (kt) sales
Wollongong (GNM)
Coking coal (kt)
Others
Jindal power
Sales (Mkwh)
EBITDA
Steel business (incl. CPP)
(a) Standalone
EBITDA/t of steel
(b) Global Venture
1. Shadeed
EBITDA/t of HBI
2. Wollongong (GNM)
EBITDA/t of coal
3. Others
Jindal power
EBITDA (INR/kwh)
Depn. & Amortization
EBIT
Net Interest
Other income
PBT before EO
Adjusted PAT
Change (%)
-9,618
30,404
7,750
68,868
46,055
42,297
17,733
3,758
3,524
2,936
-5,588
25,097
7,411
65,685
47,773
45,126
15,872
2,647
4,903
3,226
-2,588
24,568
7,568
57,764
40,941
39,996
13,625
945
3,404
2,318
235
22,813
2.9
13,865
55,003
3,600
1,419
52,822
40,585
8.1
-2,256
17,912
2.4
15,392
50,293
7,582
1,364
44,076
34,842
-14.2
-2,460
16,823
2.2
18,292
39,472
15,008
656
25,120
19,104
-45.2
13 August 2015
5

Jindal Steel & Power
Although power business has been able to secure some PPAs, the constraints in
the power grid has affected near term supply and cash flows. The grid
constraints will ease gradually paving the way for growth in power generation
for EUP2. However, EUP1 and EUP3 are still stranded and have to depend on
merchant sale of power. With merchant power rates trading low on over supply,
the outlook remains subdued in short to medium terms. Easing of coal supply in
the region is positive.
Capex during the quarter was INR10b and the full year will be minimized to
ensure that debt doesn’t go beyond INR460b. Only two projects of 1.4mtpa
each rebar mills at Angul and Oman are under construction. These two projects
will be completed by end of FY16E.
Clearly, the focus has shifted from growth to extensive cost cutting, sale of non-
core assets and capital preservation.
According to our estimates, JSP is likely to report loss after tax of INR24.3b in
FY16E and INR16.2b in FY17E. Additional borrowing of INR25b in FY16E and
INR17b in FY17E will be required to sustain the business. There is no equity
value left in the business as per the following exhibit because of cyclical down
turn.
(INR million)
FY14
40,941
FY15
37,855
FY16E
26,950
6.5
175,176
160,195
68,868
169,416
136,520
65,685
244,180
192,303
57,764
353,529
178,112
54,835
423,945
73,945
39,141
335,371
448,043
62,568
FY17E
32,258
6.5
209,680
164,282
49,636
373,962
459,799
72,355
Exhibit 7: Fair value at earnings based valuation
YEAR
Steel Business
A. EBITDA
B. Target EV/EBITDA(x)
C. EV (AxB)
Jindal Power (JPL)
D. PV of JPL's FCFF
Consolidated
EBITDA
E. Enterprise Value (C+D)
F. Net Debt
G. CWIP
H. Discount on CWIP (%)
Equity Value (E-F+G*(1-H%))
Equity value (INR/share)
FY12
46,055
FY13
47,773
-50,104
-13,482
-55
-15
Source: MOSL, Company
We believe that JSP has potential to bounce back if management keeps its focus
on cost management and sale of non-core assets. We strongly believe that
Australian coking coal assets needs either to be sold or mothballed as soon as
possible. Both steel and power assets are located in mineral rich states of
Chhattisgarh and Odisha. It has invested heavily in infrastructure at Angul, which
is a strong platform for future growth.
We believe that the stock offers excellent growth option if one can withstand
the cyclical down turn. Both steel and power demand growth are at inflection
point in India.
As the current earnings don’t reflect earnings potential of assets over its life, we
have adopted a combination of normalized margin and replacement cost
approach to value the company. As per the calculations in following table, the
equity is arrived at INR75/share.
6
13 August 2015

Jindal Steel & Power
Story in charts
Exhibit 8: Crude steel production set to increase...
Crude steel capacity - mt
4.8
2.8
3.0
3.0
3.6
4.1
Exhibit 9: India business EBITDA to moderate
Steel EBITDA/t (Standalone)
17,733
15,872
13,625
13,454
7,296
2,606
7,076
2,703
EBITDA/t of HBI (Shadeed)
2,936
3,226
5,096
2,318
FY14
FY15
FY12
FY13
FY14
FY15
FY16E
FY17E
FY12
FY13
FY16E
FY17E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 10: Pellet sales to decline
Pellet sales - kt
1,995
2,112
2,125
Exhibit 11: FCF will remain under pressure
FCF - INR b
Capex - INR b
-35
523
570
264
FY12
FY13
FY14
FY15
FY16E
0
FY17E
FY12
FY13
-142
FY14
FY15
-73
-60
-84
-96
-56 -60
-22
-30
-10 -17
FY11
FY16E
FY17E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 12: Asset based valuation
Business
A. Steel
Raigarh
Angul Steel
CWIP
Shadeed, Oman
Overseas mining
Tensa iron ore mines
B. Power
Tamnar
CPP
Total EV
Less: Net debt
Equity Value
Equity value (INR/share)
EBITDA/t
7,000
7,000
4,000
1,000
EBITDA
21,000
10,500
6,000
3,000
Multiple
6.5x
6.5x
6.5x
Realizable market value if there is a buyer
(INR m)
298,317
136,500
68,250
34,135
39,000
0
20,433
193,957
162,628
31,330
492,275
423,945
68,330
75
Non-integrated mills' normalized margins
4000 acre land and infrastructure (inseparable)
high cost assets are now loss making
Mine leases for 15 years; 12% discounting
Remarks (for Market value)
INR m/MW
48
48
Replacement cost…
…2 years from now at INR60m/MW
Source: MOSL, Company
13 August 2015
7

Jindal Steel & Power
Financials and valuations
Income Statement (Consolidated)
Y/E March
Net sales
Change (%)
Total Expenses
EBITDA
% of Net Sales
Depn. & Amortization
EBIT
Net Interest
Other income
PBT before EO
EO income
PBT after EO
Tax
Rate (%)
Reported PAT
Minority interests
Share of Associates
Adjusted PAT
Change (%)
Balance Sheet (Consolidated)
Y/E March
Share Capital
Reserves
Net Worth
Minority Interest
Total Loans
Deferred Tax Liability
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Capital WIP
Good will
Investments
Curr. Assets
Inventory
Account Receivables
Cash and Bank Balance
Loans & advances and others
Curr. Liability & Prov.
Account Payables
Provisions & Others
Net Current Assets
Appl. of Funds
E: MOSL Estimates
2012
182,086
38.9
113,218
68,868
37.8
13,865
55,003
3,600
1,419
52,822
-936
51,886
11,863
22.9
40,023
574
200
40,585
8.1
2013
198,068
8.8
132,383
65,685
33.2
15,392
50,293
7,582
1,364
44,076
-5,741
38,335
9,218
24.0
29,116
417
402
34,842
-14.2
2014
200,040
1.0
142,276
57,764
28.9
18,292
39,472
15,008
656
25,120
0
25,120
6,182
24.6
18,938
-140
26
19,104
-45.2
2015
202,247
1.1
147,412
54,835
27.1
27,328
27,506
26,073
2,256
3,689
-19,116
-15,427
-882
5.7
-14,545
-1,738
26
6,336
-66.8
2016E
198,012
-2.1
158,871
39,141
19.8
29,845
9,296
36,104
618
-26,189
0
-26,189
648
-2.5
-26,838
-2,117
402
-24,318
-483.8
(INR Million)
2017E
223,491
12.9
173,855
49,636
22.2
30,402
19,234
36,636
509
-16,894
0
-16,894
1,734
-10.3
-18,627
-2,213
402
-16,012
-34.2
(INR Million)
2017E
915
153,289
154,204
4,733
470,682
14,561
644,181
679,203
210,262
468,941
72,355
5,930
3,418
217,367
53,228
20,645
10,883
132,612
123,831
47,619
76,212
93,536
644,180
2012
935
180,176
181,111
3,071
170,908
11,920
367,010
223,301
58,360
164,940
136,520
918
3,776
143,922
35,795
13,068
1,492
93,567
83,066
29,110
53,956
60,856
367,010
2013
935
211,588
212,523
5,573
246,182
13,365
477,642
267,032
74,285
192,747
192,303
1,543
8,089
176,046
45,242
19,541
2,001
109,262
93,084
31,360
61,724
82,962
477,642
2014
915
225,191
226,105
10,802
363,682
14,727
615,316
466,646
122,687
343,959
178,112
5,930
3,418
209,301
48,812
17,724
10,153
132,612
125,405
49,192
76,212
83,896
615,316
2015
915
197,849
198,764
9,064
428,682
14,550
651,060
630,813
150,015
480,798
73,945
5,930
3,418
204,059
47,773
18,937
4,737
132,612
117,091
40,878
76,212
86,969
651,060
2016E
915
171,416
172,331
6,946
453,682
14,556
647,515
672,189
179,860
492,330
62,568
5,930
3,418
203,838
47,545
18,042
5,639
132,612
120,570
44,358
76,212
83,268
647,515
13 August 2015
8

Jindal Steel & Power
Financials and valuations
Ratios (Consolidated)
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
Return Ratios (%)
EBITDA Margins (%)
Net Profit Margins (%)
RoE
RoCE (pre-tax)
RoIC (pre-tax)
Working Capital Ratios
Fixed Asset Turnover (x)
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Payable (Days)
Work.Cap.Turnover (Days)
Leverage Ratio (x)
Current Ratio
Interest Cover Ratio
Debt/Equity
2012
43.4
57.6
193.7
1.6
3.8
2013
37.2
47.6
227.3
1.6
4.4
2014
20.9
40.7
247.1
1.6
7.9
2015
6.9
14.0
217.3
1.6
27.0
2016E
(26.6)
3.3
188.4
1.6
(7.0)
2017E
(17.5)
12.9
168.5
1.6
(10.7)
1.6
1.2
0.4
1.3
3.4
2.4
1.8
1.4
0.3
1.6
4.7
2.4
3.3
1.7
0.3
2.1
7.2
2.4
9.8
4.9
0.3
2.4
8.9
2.4
(2.6)
20.7
0.4
2.6
13.0
2.4
(3.9)
5.3
0.4
2.3
10.5
2.4
37.8
22.3
25.2
17.2
26.5
33.2
17.6
17.7
12.3
20.2
28.9
9.5
8.8
7.3
11.4
27.1
3.1
3.0
4.7
5.6
19.8
(12.3)
(13.1)
1.6
1.6
22.2
(7.2)
(9.8)
3.1
3.4
0.6
0.5
71.8
26.2
58.4
32.6
0.5
0.4
83.4
36.0
57.8
40.9
0.4
0.3
89.1
32.3
89.8
36.9
0.4
0.3
86.2
34.2
73.8
40.7
0.4
0.3
87.6
33.3
81.8
39.2
0.4
0.3
86.9
33.7
77.8
37.0
1.7
15.3
0.9
1.9
6.6
1.1
1.7
2.6
1.6
1.7
1.1
2.1
1.7
0.3
2.6
1.8
0.5
3.0
Cash Flow Statement (Consolidated) (INR Million)
Y/E March
2012
Pre-tax profit
51,886
Depreciation
13,865
(Inc)/Dec in Wkg. Cap.
-17,024
Tax paid
-9,999
CF from Op. Activity
38,728
(Inc)/Dec in FA + CWIP
-73,254
(Pur)/Sale of Investments
-797
CF from Inv. Activity
-71,527
Equity raised/(repaid)
1
Debt raised/(repaid)
31,180
Dividend (incl. tax)
-1,529
CF from Fin. Activity
29,651
(Inc)/Dec in Cash
Add: Opening Balance
Closing Balance
13 August 2015
-3,148
4,640
1,492
2013
38,335
15,392
-21,597
-7,772
24,358
-84,012
-13,583
-97,595
0
75,274
-1,527
73,746
509
1,492
2,001
2014
25,120
18,292
7,217
-4,946
45,683
-141,525
-8,018
-149,543
-3,986
117,500
-1,503
112,011
8,152
2,001
10,153
2015
-15,427
27,328
-8,488
705
4,119
-60,000
-12,822
-72,822
0
65,000
-1,713
63,287
-5,416
10,153
4,737
2016E
-26,189
29,845
4,602
-643
7,614
-30,000
0
-30,000
0
25,000
-1,713
23,287
902
4,737
5,639
2017E
-16,894
30,402
-5,024
-1,728
6,757
-16,800
0
-16,800
0
17,000
-1,713
15,287
5,244
5,639
10,883
9

Jindal Steel & Power
Corporate profile: Jindal Steel & Power
Company description
Jindal Steel & Power (JSP) has steel-making
capacity of 3mtpa at Raigarh, 1.5mtpa at Angul and
2mtpa at Shadeed Oman. Its assets are spread over
various mineral-rich countries. JSPL has captive iron
ore mines. JSP has set up 3400MW power asset in
at coal pit head in Chhattisgarh. It also has multiple
coal resources overseas, mainly in Mozambique,
South Africa, Australia and Indonesia.
Exhibit 13: Sensex rebased
Exhibit 14: Shareholding pattern (%)
Jun-15
Promoter
DII
FII
Others
61.3
2.7
19.2
16.8
Mar-15
61.3
4.0
18.7
16.1
Jun-14
60.4
4.8
22.4
12.4
Exhibit 15: Top holders
Holder Name
HSBC Global Investment Funds A/C Hsbc GIF
HSBC Pooled Investment Fund A/c HSBC Pooled
BNP Paribas Arbitrage
Morgan Stanley Asia (Singapore) Pte
% Holding
2.3
1.5
1.3
1.1
Note: FII Includes depository receipts
Exhibit 16: Top management
Name
Naveen Jindal
Savitri Jindal
Ravi Uppal
Ratan Jindal
Shallu Jindal
Designation
Chairman
Chairman Emeritus
Managing Director & CEO
Director
Director
Exhibit 17: Directors
Name
Naveen Jindal
Savitri Jindal
Ravi Uppal
Ratan Jindal
Shallu Jindal
R V Shahi*
Arun Kumar*
Arun K Purwar*
*Independent
Name
Haigreve Khaitan*
Hardip Singh wirk*
Sudershan Kumar Garg*
Rajiv Sharma
K Rajagopal
Dinesh Kumar Saraogi
Chandan Roy*
Exhibit 18: Auditors
Name
S S Kothari Mehta & Co
Ramanath Iyer & Co
Type
Statutory
Cost Auditor
Exhibit 19: MOSL forecast v/s consensus
EPS
(INR)
FY16
FY17
MOSL
forecast
-26.6
-17.5
Consensus
forecast
2.5
10.5
Variation
(%)
-1181.3
-267.1
13 August 2015
10

Jindal Steel & Power
NOTES
13 August 2015
11

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JINDAL STEEL & POWER
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