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Jindal Steel & Power Ltd

BSE Code : 532286 | NSE Symbol : JINDALSTEL | ISIN:INE749A01030| SECTOR : Steel |

NSE BSE
 
SMC down arrow

405.15

-13.05 (-3.12%) Volume 280564

21-Jan-2022 EOD

Prev. Close

418.20

Open Price

414.00

Bid Price (QTY)

405.15(22)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 417.40 - 401.00

52 wk High/Low 501.70 - 257.15

Key Stats

MARKET CAP (RS CR) 41364.57
P/E 3.7
BOOK VALUE (RS) 372.8206311
DIV (%) 0
MARKET LOT 1
EPS (TTM) 109.48
PRICE/BOOK 1.08765440046486
DIV YIELD.(%) 0
FACE VALUE (RS) 1
DELIVERABLES (%) 23.65
4

News & Announcements

14-Jan-2022

Jindal Steel & Power Ltd spurts 1.39%

14-Jan-2022

Jindal Steel & Power Ltd - Jindal Steel & Power Limited - Other General Purpose

13-Jan-2022

Jindal Steel & Power Ltd - Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018

04-Jan-2022

JSPL acheives steel sales of 6.85 lakh tonnes in December 2021

04-Jan-2022

Jindal Steel & Power posts 27% MoM growth in steel sales in Dec'21

14-Dec-2021

Jindal Steel & Power receives ratings action from CARE

08-Dec-2021

Jindal Steel & Power achieves steel production of 6.74 lakh tonnes in Nov'21

01-Dec-2021

Jindal Steel & Power announces change in CFO

Corporate Actions

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Splits
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Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Ankit Metal & Power Ltd 532870 ANKITMETAL
Ashirwad Steels & Industries Ltd 526847
Bihar Sponge Iron Ltd 500058 BIHARSPONG
Chennai Ferrous Industries Ltd 539011
Gallantt Ispat Ltd 533265 GALLISPAT
GSAL (India) Ltd(Merged) 513321
Jai Balaji Industries Ltd 532976 JAIBALAJI
JSW Ispat Special Products Ltd 513446 JSWISPL
Kumars Metallurgical Corporation Ltd 531916
Lloyds Metals & Energy Ltd 512455 LLOYDMETAL
Mandovi Pellets Ltd (Merged) 509749
MSP Steel & Power Ltd 532650 MSPL
Nova Iron & Steel Ltd 513566 NOVAIRNSTL
Orissa Sponge Iron & Steel Ltd 504864
S.A.L Steel Ltd 532604 SALSTEEL
Shri Ramrupai Balaji Steels Ltd(merged) 532655 BALASTEELS
Suraj Products Ltd 518075
Tamilnadu Sponge Ltd 513319
Tata Steel Long Products Ltd 513010 TATASTLLP
Vaswani Industries Ltd 533576 VASWANI
Vidarbha Iron & Steel Corporation Ltd 504991
Vikash Metal & Power Ltd 532677 VIKASHMET

Share Holding

Category No. of shares Percentage
Total Foreign 97453012 9.55
Total Institutions 170468276 16.71
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 34288057 3.36
Total Promoters 616583594 60.44
Total Public & others 101295158 9.92
Total 1020088097 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Jindal Steel & Power Ltd

Jindal Steel and Power Ltd (JSPL) is one of India's major steel producers with a significant presence in sectors like Mining, Power Generation and Infrastructure. JSPL is a part of the US $ 18 billion diversified O. P. Jindal Group and is consistently tapping new opportunities by increasing production capacity, diversifying investments, and leveraging its core capabilities to venture into new businesses. The company produces economical and efficient steel and power through backward integration from its captive coal and iron-ore mines. From the widest flat products to a whole range of long products, JSPL today sports a product portfolio that caters to varied needs in the steel market. The company also has the distinction of producing the world's longest 121 metre rails and introducing large size parallel flange beams in India. The company's segments include iron and steel; power, and others. The company's manufacturing plants are located at Raigarh in Chhattisgarh, Angul in Orissa and Patratu in Jharkhand. Its machinery division is located in Raipur. Jindal Steel and Power Ltd was incorporated in the year 1979. In the year 1995, the company forayed into power sector and started a company namely, Jindal Power Ltd to engage the power sector. In May 1998, the Steel Melting Shop of the company was shut down due to the explosion. In the year 1999, as per the scheme of arrangement, the Raigarh and Raipur Divisions of Jindal Strips Ltd were hived off the company. In October 2009, they reopened the Steel Melting Shop and commenced operations. In May 2000, the company commissioned Round Caster Unit set up in Raigarh and started producing Rounds, which import substitution product. Also, the company entered into an agreement with Maharashtra Seamless Ltd for selling 50,000 MT of Rounds annually. Also, they forayed into the Infotech sector and launched Infovergix Technologies. In the year 2001, the company introduced a new value added product namely, Alloy Steel Rounds, which is used for manufacture of seamless tubes. The company signed an MoU with the Chattisgarh government to invest Rs 6, 400 crore in various projects in the state over the seven years. During the year 2003-04, the company started manufacturing Universal beams and structures, in addition to manufacturing of value added steel products, such as, rounds, billets, blooms and slabs. In January 7, 2005, the company signed an MoU with Government of Chhattisgarh. In July 5, 2005, they signed an MoUn with Jharkand Government. Also, they inked an agreement with S. African, German Company for coal gasification facility at their proposed six-million-tonne steel plant in Orissa. In November 3, 2005, they signed a revised MoU was signed with the state Government of Orissa to increase production capacity of proposed steel plant from 2.00 million TPA to 6.0 million TPA. In the year 2006, the company inked a joint venture deal with Bolivia for El Mutun development. In March 30, 2007, the company signed an MoU with the Government of Chhattisgarh for setting up 2 million TPA Cement plant and 30 MW Power Plant in Raigarh at an estimated cost of Rs720 crore. In April 2007, the company's Plate Mill of 1.0 million TPA capacity was commissioned successfully and commenced commercial production. The company signed an MoU with the Government of Orissa for setting up a 6 Million TPA Integrated Steel Plant near Kerajang Railway Station in Angul District of State of Orissa at an estimated cost of Rs 16, 560 rore. During the year 2010-11, the company commenced production in 0.6 MTPA capacity wire rod mill and 1.0 MTPA capacity bar mill, at Patratu, Jharkhand. The company through their 100% subsidiary Jindal Steel & Power (Mauritius) Limited, Mauritius (JSPLM), has acquired Shadeed Iron & Steel Co. LLC (SISCO), a Company incorporated under the laws of the Sultanate of Oman, in June 2010. The plant has been commissioned in record time and commercial operations started in December 2010, three months ahead of its schedule. In May 2010, the company completed the modification in mini blast Furnace and commissioned the steel melting shop (SMS - III). The company synchronized the two units of 135 MW each under Phase - I in May and September 2010 respectively. In May 2010, the company completed the A 0.5 MTPA capacity slag grinding unit at Raigarh, Chhattisgarh. This plant is utilising the slag produced by blast furnace I and II and clinker, purchased from outside, is mixed with slag to produce cement. In January 2011, the company completed the 0.6 MTPA medium and light section mill at Raigarh, Chhattisgarh and commenced production. In March 2011, the company commissioned the first unit of 135 MW captive power plant in steel plant proposed to be set up at Angul, Orissa. As of March 31, 2011, the company's installed capacity at its Raigarh Unit include: 13,70,000 metric tons of sponge Iron; 30,00,000 metric tons of mild steel; 36, 000 metric tons of ferro alloys; 623 megawatts of power; 16,70,000 metric tons of hot metal/pig iron; 7,50,000 metric tons of rail and universal beam mill; 10,00,000 metric tons of plate mill, 60,000 metric tons of fabricated structures; 5,00,000 metric tons of cement plant and 6,00,000 metric tons of medium & light section mill. In January 2012, the company commissioned the fourth unit of 135MW plant at Dongamahua, Raigarh, Chhattisgarh and second unit of 135 MW power plant at Angul, Orissa, with this total 6 units are commissioned in series of 10 units of 135 MW. On 16 July 2012, Jindal Steel Bolivia (JSB), a subsidiary of Jindal Steel & Power Ltd., terminated the contract signed with the Bolivian Government for investment of USD 2.1 billion for the El Mutun mines. The termination comes in the wake of the issuance of a letter to the Govt. of Bolivia on 8 June 2012 conveying its intention to terminate the contract due to the non-fulfillment of contract conditions on the part of the Bolivian government. As per terms of the Joint Venture Contract, the Govt. of Bolivia had 30 days time to resolve the issues failing which JSPL could terminate the contract within 7 working days thereafter. The company took the decision, after all its efforts to resolve the issues and take the project forward did not meet with success. Due to the non-fulfillment of the contractual obligations and unwillingness to fulfill the contract on the part of the Govt.of Bolivia, JSPL has been forced to terminate the contract. JSPL had signed a Contract with the Government of Bolivia in the year 2007 for investing USD 2.1 Billion in Iron Ore Mining, Pelletization (10 million ton per annum), DRI (6 million ton per annum) and Steel making (1.7 million ton per annum). This was the single largest foreign investment in Bolivia. On 28 August 2012, Jindal Steel & Power Ltd (JSPL) announced the commercial production of India's widest 5.0 Meter Wide Plate mill in Angul, Odisha which is a part of the planned first phase 6.0 million MT per annum integrated steel plant at Angul, Odisha. This Plate Mill has an annual capacity of 2 MTPA. This 5 Meter Wide Plate Mill at Angul is a part of the company's forward integration process of completing the process chain to produce value-added finished discrete plates. On 5 September 2012, Jindal Steel and Power Limited (JSPL) announced that its subsidiary Jindal BVI Limited (JBVI), has acquired Canadian listed coal Company CIC Energy Corp. (CIC) for about US$115 million (over Rs 600 crore) by way of a merger of JBVI and CIC. The Minister of Minerals, Energy and Water Resources of Botswana where CIC has its coal mines, has already approved the change of control from CIC to JBVI and all other approvals for the merger have already been granted and the merger certificate will be issued in the next few days marking the completion of the acquisition. The deal will provide JSPL access to CIC's high quality thermal coal in Greater Mmamabula coalfield in SE Botswana which is estimated to be in excess of 6 billion tonnes (approx) (including Measured and Indicated resource of 2.4 billion tonnes). The deal will provide JSPL the opportunity to tap the highly lucrative and power deficient South African Development Community (SADC) countries and given the huge resource, will also provide an opportunity to set up a Coal to Hydrocarbons project. On 8 August 2013, Jindal Steel & Power Ltd announced the commissioning of the largest Steel Melting Shop (SMS) and its Allied unit of the 6.0 MTPA integrated steel plant at Angul, Odisha, on the Birth Anniversary of its Founder Shri OP Jindal. With commissioning of the Steel Melting Shop in its Angul project, JSPL has completed the 2.5 MTPA capacity out of the 6 MTPA in the first phase of its greenfield project at Angul. On 18 October 2013, Jindal Steel and Power Ltd (JSPL) announced the shareholders of Gujarat NRE Coking Coal - the Australian subsidiary of Kolkata-based Gujarat NRE Coke - in a general body meeting held in New South Wales have cleared the acquisition of a majority stake in Gujarat NRE Coking Coal by JSPL. The acquisition will enable JSPL acquire a majority stake of 53.63 per cent in Gujarat NRE Coke's Australian subsidiary through a deal that involves issue of convertible notes, placement of shares and option to acquire shares at a later stage. Prior to the transaction, JSPL was the second largest shareholder in Gujarat NRE Coking Coal, after its promoters, with 31.49 per cent stake. Gujarat NRE Coking Coal has mines in Australia with over 650 million tons of coking coal resources. On 28 April 2014, Jindal Shadeed Iron & Steel, a wholly owned subsidiary of Jindal Steel & Power Ltd.(JSPL), successfully commissioned its 2 MTPA Integrated Steel Plant (ISP) in Sohar, Oman. The facility, using state-of-art technology from M/s Danielli Italy, is Oman's first & largest Steel Melting Shop (SMS), and also the third largest unit of Middle East & Gulf Region. Jindal Shadeed has invested over US$ 800 million in this integrated facility. JSPL had acquired Shadeed Iron and Steel's 1.5 MTPA Gas-based HBI plant in 2010 at a cost of US$ 500 million. On 23 August 2014, Jindal Steel and Power (JSPL) announced that Jindal Steel Bolivia has been vindicated in connection with its investment in the 'El Mut#n' project in Bolivia by an international tribunal ordering payment to Jindal of more than $22.5 million by Bolivian state-owned entity Empresa Sider#rgica del Mutun (ESM). With the completion of Jindal Steel and Power's landmark 2400 MW expansion project at Tamnar (Chhattisgarh) in April 2015, JSPL group's installed generation capacity in Raigarh belt reached 4294 MW, thereby achieving UMPP scale. On 28 October 2014, Shadeed Iron & Steel LLC (Jindal Shadeed), a wholly owned subsidiary of Jindal Steel & Power Ltd. (JSPL), and Bank Muscat signed the successful financial closure of USD 725 million (around Rs 4440 crore) syndicated term loan facility. The facility was oversubscribed with commitments in excess of USD 855 million received as against the required commitments of USD 725 million. On 15 June 2015, Jindal Steel and Power Ltd created history with its Steel Melting Shop at Raigarh facility producing a record 10,000 tonnes of crude steel in a single day. This highest production based on DRI (Direct Reduced Iron) and hot metal is a testimony of the company's operational excellence in steel making. On 2 October 2015, Jindal Steel and Power Limited (JSPL) flagged off India's Longest ever Rails measuring 260 metre to the Dedicated Freight Corridor Corporation of India Limited (DFCCIL). The 260 meter long rails will be used for construction of the eastern corridor of the landmark 350 Kilometre dedicated freight railway network in India. On 27 October 2015, Jindal Steel and Power Limited (JSPL) announced that it has partnered with Bhasin Group for construction of Festival City, India's tallest composite steel structure. The world-class commercial complex spread over 9 lakh square feet in NOIDA, the 33 storied Festival City will be built in 99 days, Fastest ever in India. The construction of the office tower Mist' commenced on 21 October 2015 and is scheduled for completion on 29 January 2016. The floors of the India's tallest composite steel structure will be laid through international cutting-edge technology without scaffolding using Made in India' steel manufactured by JSPL. Under the strategic partnership, JSPL will provide infrastructure solutions to Festival City such as E550 grade structural steel columns and beams, suspended concrete flooring system- Speedfloor for slabs and TMT Welded-mesh for slab reinforcements. On 22 March 2016, Jindal Steel and Power Limited (JSPL) announced that it has commissioned a 1.4 MTPA Rebar Mill at Sohar, Oman. The 1.4 MTPA Rebar Mill, the largest in Gulf and African region, along with the existing 2 MTPA SMS makes JSPL's Jindal Shadeed the largest integrated steelmaker in Oman. The Board of Directors of Jindal Steel and Power Limited (JSPL) at its meeting held on 3 May 2016 approved the divestment of 1000 MW power unit of Jindal Power Limited, located at Chhattisgarh, into a special purpose vehicle (SPV), for the purposes of transferring the same to JSW Energy Limited through sale of the entire share capital and other securities of the aforesaid entity in terms of the share purchase agreement for an enterprise value of Rs 6500 crore plus the value of net current assets as on the closing date. The valuation may vary based upon the achievement of PPAs as prescribed in the agreement subject to minimum of Rs 4000 crore plus the value of net current assets as on the closing date. In order to streamline cash flow of the group and create SPV amenable for monetization by way of divestments, the Board of Director of the company and Jindal Power Limited (JPL) (a subsidiary of the company) have in principle approved the restructuring involving JSPL and JPL and formed a committee of directors (Restructuring Committee), to explore and evaluate various restructuring options available including a scheme of arrangement. The restructuring will entail that 1000 MW power plant owed by JPL is hived off into an SPV, being subsidiary of JSPL and creation of other SPVs amenable for monetization by way of divestments as well as achieve better synergy across the group. This would further ensure that the businesses of these entities are operated in the most efficient and cost effective manner, including by pooling of technical, distribution and marketing skills, creating optimal utilization of resources, better administration and cost reduction. On 22 August 2016, Jindal Steel and Power Ltd. (JSPL) announced that it has secured long-term linkage of 1.18 Million Tonne Per Annum for its state-of-the-art captive power generation plants in Dongamahua and Raigarh in Chhattisgarh. The long-term coal linkage for a period of 5 years has been secured during the recent coal linkage auctions. The long-term linkage will ensure steady and assured supply of coal for the captive power plants, thereby enhancing the Fuel Security for the power plants. On 6 September 2016, Jindal Steel and Power Limited (JSPL) announced that it has achieved a landmark by becoming India's first and only manufacturer of Head Hardened Rails' for modern hi-speed trains and metros. The landmark achievement also propels JSPL into the elite club of 7 global steel majors, who have the capability to manufacture head hardened rails in the world. The plant with an investment of Rs 200 crore is capable of delivering 30,000 MT of rails per month and has been set up in technical collaboration with M/S SMS MEER, Germany. Head Hardening technology entails a special heat treatment process which requires very precise temperature control to achieve nearly 50% higher hardness as compared to a normal rail. On 28 May 2017, Jindal Steel and Power Limited (JSPL) announced that it has completed its 6 MTPA Integrated Steel Plant at Angul in Odisha at an investment of Rs 33000 crore. On 19 June 2017, Jindal Steel and Power Limited (JSPL) announced that it has secured coal linkages of over 0.51 tonne per annum in the recently concluded coal linkage auctions under captive power sub-sector. The coal linkages secured for 5-year duration, will provide steady supply of fuel to captive power plants run by the company for its steel making operations. The three captive power plants of the company are located at Raigarh and Dongamahua (Raigarh district) - both in Chhattisgarh; and for powering its 810 MW CPP in the 6 MTPA integrated steel complex at Angul, Odisha. On 9 October 2017, Jindal Steel and Power Limited (JSPL) announced that it has consummated sale of oxygen plant assets at Rs 1121 crore with SREI Equipment Finance Limited. Under the transaction, JSPL has divested its oxygen plant assets at its integrated steel plants at Raigarh (Chhattisgarh) and Angul (Odisha), and received a total consideration (inclusive of taxes) of Rs 1121 crore. JSPL and SREI Equipment Finance have also entered into a Lease Back agreement of the oxygen plant assets for continued operations by JSPL for manufacturing of steel at the respective plants. On 26 December 2017, Jindal Steel and Power Limited (JSPL) announced that it has successfully completed a 250 Ton Basic Oxygen Furnace (BOF) marking the completion of its 6 MTPA integrated steel project at Angul, Odisha. With the completion of the new steel making facility, JSPL will utilize the full capacity of its 4 MTPA Mega Blast Furnace, the largest in India. The BOF will also enable the company to achieve significantly higher cost effectiveness and efficiencies for steel making. On 23 March 2018, Jindal Steel and Power Limited (JSPL) announced successful closure of Qualified Institutions Placement (QIP) issue of Rs 1200 crore. The QIP issued opened for bidding on 20 March 2018. The board of JSPL approved the issuance of shares at Rs 233 per share, which was Rs 5.85 above the floor price. The funds from this equity raise are expected to be used primarily for working capital requirements, payment of operational and capital expenditure creditors and repayment of certain long term loans. On 5 April 2018, Jindal Steel and Power Limited (JSPL) announced that credit rating agency CARE has upgraded JSPL's bank and instrument facilities to Investment Grade with Stable Outlook. The new ratings account for the improved liquidity position of the steel and power major post equity infusion of Rs 1893 crore including the recent Rs 1200 crore QIP issue. The promoters are committed to bring in equity of Rs 693 crore, out of which Rs 188 crore have already been infused through warrants. On 9 April 2018, Jindal Steel and Power Limited (JSPL) announced that it has posted its lifetime highest monthly crude steel production in the month of March 2018. With a steel production of 0.45 Million Tonnes in March 2018 in India, at its integrated steel plants in Raigarh and Angul, JSPL also achieved its highest ever quarterly steel production at 1.26 Million Tonnes in Q4 FY 2017-18. JSPL also posted its highest ever monthly and quarterly sales by achieving 0.45 M in March and 1.18 MT during January - March (Q4) 2018. The figures do not include the crude steel production at Jindal Shadeed, Oman.

Jindal Steel & Power Ltd Chairman Speech

As the wider world, including India, gets into the recovery mode, steel is set to play a key role. Infrastructure will continue to act as an economic multiplier, and with massive public expenditure worldwide, steel will be in an upcycle for the foreseeable future.

Dear Stakeholders,

I write to you at the close of one of the rarest and challenging years in recent history. Starting as a health hazard, the COVID-19 pandemic was quick to snowball into a once-in-a-century economic and humanitarian crisis that affected tens of millions of lives worldwide.

While the global economic losses are pegged at around US$ 90 trillion, we must also take cognisance of the losses that cannot be accounted for. We stand in solidarity with all those who were adversely impacted.

Human spirit continues to prevail

In retrospect, I find FY 2020-21 to be a tribute to the indomitable human spirit in the truest sense. Humankind rallied together at a scale perhaps never seen before to lend a helping hand to those in utmost need and work through the crisis. A quicker-than-usual vaccine rollout, large-scale inoculation drives, and a fairly streamlined economic policy dissemination have supported the global economy to a large extent. Together, these have helped us reach a modest stage of revival, albeit with sizable divergence in recovery rates between developed and developing economies.

Closer home, India grappled with the vagaries of the pandemic at its onset and peak. However, the way the Indian government responded with prudence is commendable, considering the responsibility of the lives and livelihoods of 1.3 billion people in their hands. The consecutive lockdowns in the first quarter of FY 2020-21 were really effective in controlling the pandemic spread.

As the situation gradually began to ease, the government was quick to introduce enabling fiscal and monetary policy measures, which in conjunction with pent-up demand, led the road to recovery and positive GDP growth from the Q3 FY 2020-21 onwards.

Building back with steel

As the wider world, including India, gets into the recovery mode, steel is set to play a key role. Infrastructure will continue to act as an economic multiplier, and with massive public expenditure worldwide, steel will be in an upcycle for the foreseeable future. As an affordable, reliable and infinitely recyclable material, steel will also help build a future that is responsible and sustainable.

In India, the outlays in the recent Union Budget, together with the National Infrastructure Pipeline, the Housing for All scheme, and specific rail projects augur well for the steel industry. The Production-Linked Incentive (PLI) scheme for specialty steel is a unique and welcome move, with multiple benefits including self-reliance and favourable trade balance. It will also bring best-in-class steelmaking technology to India. I can say confidently that the call for Aatmanirbharta (self-reliance) will be serviced at length by the steel sector, among others.

At JSPL, we are equipped and geared to be a part of this drive for growth of infrastructure of our country.

A year that reinforced our strengths

At JSPL, FY 2020-21 was our best year in recent times. We achieved record revenue, operating profit and net profit, powered by our market presence, stringent cost measures and significant deleveraging of our balance sheet. We have grown our steel production by 55% in the past three years with the available capacity. Through the year, we operated without carrying any excess inventory with a nimble-footed market strategy. Above all, we delivered on all our stakeholder commitments 0; our employees were retained, our vendors paid on time and our debt serviced. At JSPL, we have always believed in ‘Nation First'. So, when the country was facing a shortage of oxygen, during the second wave of the COVID-19 pandemic, we were among the first to supply Liquid Medical Oxygen to 12 states across the country, even at the cost of reducing our steel production. Only when the country breathed easy, we heaved a sigh of relief.

A positive turnaround that continues to deliver

I am certain that many of us are aware of the financial standing JSPL had until a few years ago. Today, we are easily the company with a best-in-class balance sheet. This was done through focused and concerted efforts by our Board, the Management and our employees. Our deleveraging drive continued to service and retire debt through the past fiscals, and in FY 2020-21, our net debt levels at a consolidated level have declined to

Rs 22,146 crore. Naturally, this has also contributed to enhanced net profits, with a growth of more than 10x from year-ago levels. As we go forward, our efforts at deleveraging will continue, and in the near future, we expect to become a net-debt free steelmaker.

Confident strides towards JSPL 2.0

Apart from our focus on deleveraging, we plan to further expand our capacities and sweat our existing assets to chart our next growth phase. We are set to double our capacities at Angul, Odisha to touch 12 MTPA, complete with a new blast furnace, DRI plant and Steel Melt Shop. We expect the commissioning of the blast furnace to take place towards the end of December 2023. Taking advantage of the learnings of the past, we have established two tenets that will act as our guardrails, while pursuing growth. These include keeping our net debt to EBITDA under 1.5x at all times and maintaining ESG at the forefront of everything we do. Through this initiative, we will ensure that our commitments are at serviceable levels, and whatever we do is better for India and the world in all senses. At JSPL, our policies and processes are aligned with the global decarbonisation drive and hold the unique feat of manufacturing 40% of our steel through the more sustainable and circular EAF route. We continue to mainstream best-in-class practices from around the globe in our operations and supply chain and expect to conduct ourselves in a way that gives back more than we take. Similarly for our people and communities, we will continue to drive initiatives that create positive impact.

Ahead with ambition

Keeping with the ethos of Shri O. P. Jindal, our Founder Chairman, we have always strived to set our bar high to pursue meaningful growth that can support the nation. As we direct and execute our next wave of growth through capacity expansion, we intend to service India's current and future need for special steels. We will continue to pioneer innovations that cater to the dynamic needs of our customers in India and around the globe, consolidating our position as a major steelmaker. While doing this, we will continue to deliver on our investor value proposition, by thoroughly balancing growth and sustainability. Before I conclude, I must thank the employees of JSPL who have lent their unconditional support in re-energising JSPL and giving us the winning edge. I would also like to express my sincere gratitude towards our lenders, investors, communities, regulators, customers and every other stakeholder who continue to repose their faith in us. Your invaluable trust will encourage us to move forward towards our ambition.

Sincerely
Naveen Jindal

   

Jindal Steel & Power Ltd Company History

Jindal Steel and Power Ltd (JSPL) is one of India's major steel producers with a significant presence in sectors like Mining, Power Generation and Infrastructure. JSPL is a part of the US $ 18 billion diversified O. P. Jindal Group and is consistently tapping new opportunities by increasing production capacity, diversifying investments, and leveraging its core capabilities to venture into new businesses. The company produces economical and efficient steel and power through backward integration from its captive coal and iron-ore mines. From the widest flat products to a whole range of long products, JSPL today sports a product portfolio that caters to varied needs in the steel market. The company also has the distinction of producing the world's longest 121 metre rails and introducing large size parallel flange beams in India. The company's segments include iron and steel; power, and others. The company's manufacturing plants are located at Raigarh in Chhattisgarh, Angul in Orissa and Patratu in Jharkhand. Its machinery division is located in Raipur. Jindal Steel and Power Ltd was incorporated in the year 1979. In the year 1995, the company forayed into power sector and started a company namely, Jindal Power Ltd to engage the power sector. In May 1998, the Steel Melting Shop of the company was shut down due to the explosion. In the year 1999, as per the scheme of arrangement, the Raigarh and Raipur Divisions of Jindal Strips Ltd were hived off the company. In October 2009, they reopened the Steel Melting Shop and commenced operations. In May 2000, the company commissioned Round Caster Unit set up in Raigarh and started producing Rounds, which import substitution product. Also, the company entered into an agreement with Maharashtra Seamless Ltd for selling 50,000 MT of Rounds annually. Also, they forayed into the Infotech sector and launched Infovergix Technologies. In the year 2001, the company introduced a new value added product namely, Alloy Steel Rounds, which is used for manufacture of seamless tubes. The company signed an MoU with the Chattisgarh government to invest Rs 6, 400 crore in various projects in the state over the seven years. During the year 2003-04, the company started manufacturing Universal beams and structures, in addition to manufacturing of value added steel products, such as, rounds, billets, blooms and slabs. In January 7, 2005, the company signed an MoU with Government of Chhattisgarh. In July 5, 2005, they signed an MoUn with Jharkand Government. Also, they inked an agreement with S. African, German Company for coal gasification facility at their proposed six-million-tonne steel plant in Orissa. In November 3, 2005, they signed a revised MoU was signed with the state Government of Orissa to increase production capacity of proposed steel plant from 2.00 million TPA to 6.0 million TPA. In the year 2006, the company inked a joint venture deal with Bolivia for El Mutun development. In March 30, 2007, the company signed an MoU with the Government of Chhattisgarh for setting up 2 million TPA Cement plant and 30 MW Power Plant in Raigarh at an estimated cost of Rs720 crore. In April 2007, the company's Plate Mill of 1.0 million TPA capacity was commissioned successfully and commenced commercial production. The company signed an MoU with the Government of Orissa for setting up a 6 Million TPA Integrated Steel Plant near Kerajang Railway Station in Angul District of State of Orissa at an estimated cost of Rs 16, 560 rore. During the year 2010-11, the company commenced production in 0.6 MTPA capacity wire rod mill and 1.0 MTPA capacity bar mill, at Patratu, Jharkhand. The company through their 100% subsidiary Jindal Steel & Power (Mauritius) Limited, Mauritius (JSPLM), has acquired Shadeed Iron & Steel Co. LLC (SISCO), a Company incorporated under the laws of the Sultanate of Oman, in June 2010. The plant has been commissioned in record time and commercial operations started in December 2010, three months ahead of its schedule. In May 2010, the company completed the modification in mini blast Furnace and commissioned the steel melting shop (SMS - III). The company synchronized the two units of 135 MW each under Phase - I in May and September 2010 respectively. In May 2010, the company completed the A 0.5 MTPA capacity slag grinding unit at Raigarh, Chhattisgarh. This plant is utilising the slag produced by blast furnace I and II and clinker, purchased from outside, is mixed with slag to produce cement. In January 2011, the company completed the 0.6 MTPA medium and light section mill at Raigarh, Chhattisgarh and commenced production. In March 2011, the company commissioned the first unit of 135 MW captive power plant in steel plant proposed to be set up at Angul, Orissa. As of March 31, 2011, the company's installed capacity at its Raigarh Unit include: 13,70,000 metric tons of sponge Iron; 30,00,000 metric tons of mild steel; 36, 000 metric tons of ferro alloys; 623 megawatts of power; 16,70,000 metric tons of hot metal/pig iron; 7,50,000 metric tons of rail and universal beam mill; 10,00,000 metric tons of plate mill, 60,000 metric tons of fabricated structures; 5,00,000 metric tons of cement plant and 6,00,000 metric tons of medium & light section mill. In January 2012, the company commissioned the fourth unit of 135MW plant at Dongamahua, Raigarh, Chhattisgarh and second unit of 135 MW power plant at Angul, Orissa, with this total 6 units are commissioned in series of 10 units of 135 MW. On 16 July 2012, Jindal Steel Bolivia (JSB), a subsidiary of Jindal Steel & Power Ltd., terminated the contract signed with the Bolivian Government for investment of USD 2.1 billion for the El Mutun mines. The termination comes in the wake of the issuance of a letter to the Govt. of Bolivia on 8 June 2012 conveying its intention to terminate the contract due to the non-fulfillment of contract conditions on the part of the Bolivian government. As per terms of the Joint Venture Contract, the Govt. of Bolivia had 30 days time to resolve the issues failing which JSPL could terminate the contract within 7 working days thereafter. The company took the decision, after all its efforts to resolve the issues and take the project forward did not meet with success. Due to the non-fulfillment of the contractual obligations and unwillingness to fulfill the contract on the part of the Govt.of Bolivia, JSPL has been forced to terminate the contract. JSPL had signed a Contract with the Government of Bolivia in the year 2007 for investing USD 2.1 Billion in Iron Ore Mining, Pelletization (10 million ton per annum), DRI (6 million ton per annum) and Steel making (1.7 million ton per annum). This was the single largest foreign investment in Bolivia. On 28 August 2012, Jindal Steel & Power Ltd (JSPL) announced the commercial production of India's widest 5.0 Meter Wide Plate mill in Angul, Odisha which is a part of the planned first phase 6.0 million MT per annum integrated steel plant at Angul, Odisha. This Plate Mill has an annual capacity of 2 MTPA. This 5 Meter Wide Plate Mill at Angul is a part of the company's forward integration process of completing the process chain to produce value-added finished discrete plates. On 5 September 2012, Jindal Steel and Power Limited (JSPL) announced that its subsidiary Jindal BVI Limited (JBVI), has acquired Canadian listed coal Company CIC Energy Corp. (CIC) for about US$115 million (over Rs 600 crore) by way of a merger of JBVI and CIC. The Minister of Minerals, Energy and Water Resources of Botswana where CIC has its coal mines, has already approved the change of control from CIC to JBVI and all other approvals for the merger have already been granted and the merger certificate will be issued in the next few days marking the completion of the acquisition. The deal will provide JSPL access to CIC's high quality thermal coal in Greater Mmamabula coalfield in SE Botswana which is estimated to be in excess of 6 billion tonnes (approx) (including Measured and Indicated resource of 2.4 billion tonnes). The deal will provide JSPL the opportunity to tap the highly lucrative and power deficient South African Development Community (SADC) countries and given the huge resource, will also provide an opportunity to set up a Coal to Hydrocarbons project. On 8 August 2013, Jindal Steel & Power Ltd announced the commissioning of the largest Steel Melting Shop (SMS) and its Allied unit of the 6.0 MTPA integrated steel plant at Angul, Odisha, on the Birth Anniversary of its Founder Shri OP Jindal. With commissioning of the Steel Melting Shop in its Angul project, JSPL has completed the 2.5 MTPA capacity out of the 6 MTPA in the first phase of its greenfield project at Angul. On 18 October 2013, Jindal Steel and Power Ltd (JSPL) announced the shareholders of Gujarat NRE Coking Coal - the Australian subsidiary of Kolkata-based Gujarat NRE Coke - in a general body meeting held in New South Wales have cleared the acquisition of a majority stake in Gujarat NRE Coking Coal by JSPL. The acquisition will enable JSPL acquire a majority stake of 53.63 per cent in Gujarat NRE Coke's Australian subsidiary through a deal that involves issue of convertible notes, placement of shares and option to acquire shares at a later stage. Prior to the transaction, JSPL was the second largest shareholder in Gujarat NRE Coking Coal, after its promoters, with 31.49 per cent stake. Gujarat NRE Coking Coal has mines in Australia with over 650 million tons of coking coal resources. On 28 April 2014, Jindal Shadeed Iron & Steel, a wholly owned subsidiary of Jindal Steel & Power Ltd.(JSPL), successfully commissioned its 2 MTPA Integrated Steel Plant (ISP) in Sohar, Oman. The facility, using state-of-art technology from M/s Danielli Italy, is Oman's first & largest Steel Melting Shop (SMS), and also the third largest unit of Middle East & Gulf Region. Jindal Shadeed has invested over US$ 800 million in this integrated facility. JSPL had acquired Shadeed Iron and Steel's 1.5 MTPA Gas-based HBI plant in 2010 at a cost of US$ 500 million. On 23 August 2014, Jindal Steel and Power (JSPL) announced that Jindal Steel Bolivia has been vindicated in connection with its investment in the 'El Mut#n' project in Bolivia by an international tribunal ordering payment to Jindal of more than $22.5 million by Bolivian state-owned entity Empresa Sider#rgica del Mutun (ESM). With the completion of Jindal Steel and Power's landmark 2400 MW expansion project at Tamnar (Chhattisgarh) in April 2015, JSPL group's installed generation capacity in Raigarh belt reached 4294 MW, thereby achieving UMPP scale. On 28 October 2014, Shadeed Iron & Steel LLC (Jindal Shadeed), a wholly owned subsidiary of Jindal Steel & Power Ltd. (JSPL), and Bank Muscat signed the successful financial closure of USD 725 million (around Rs 4440 crore) syndicated term loan facility. The facility was oversubscribed with commitments in excess of USD 855 million received as against the required commitments of USD 725 million. On 15 June 2015, Jindal Steel and Power Ltd created history with its Steel Melting Shop at Raigarh facility producing a record 10,000 tonnes of crude steel in a single day. This highest production based on DRI (Direct Reduced Iron) and hot metal is a testimony of the company's operational excellence in steel making. On 2 October 2015, Jindal Steel and Power Limited (JSPL) flagged off India's Longest ever Rails measuring 260 metre to the Dedicated Freight Corridor Corporation of India Limited (DFCCIL). The 260 meter long rails will be used for construction of the eastern corridor of the landmark 350 Kilometre dedicated freight railway network in India. On 27 October 2015, Jindal Steel and Power Limited (JSPL) announced that it has partnered with Bhasin Group for construction of Festival City, India's tallest composite steel structure. The world-class commercial complex spread over 9 lakh square feet in NOIDA, the 33 storied Festival City will be built in 99 days, Fastest ever in India. The construction of the office tower Mist' commenced on 21 October 2015 and is scheduled for completion on 29 January 2016. The floors of the India's tallest composite steel structure will be laid through international cutting-edge technology without scaffolding using Made in India' steel manufactured by JSPL. Under the strategic partnership, JSPL will provide infrastructure solutions to Festival City such as E550 grade structural steel columns and beams, suspended concrete flooring system- Speedfloor for slabs and TMT Welded-mesh for slab reinforcements. On 22 March 2016, Jindal Steel and Power Limited (JSPL) announced that it has commissioned a 1.4 MTPA Rebar Mill at Sohar, Oman. The 1.4 MTPA Rebar Mill, the largest in Gulf and African region, along with the existing 2 MTPA SMS makes JSPL's Jindal Shadeed the largest integrated steelmaker in Oman. The Board of Directors of Jindal Steel and Power Limited (JSPL) at its meeting held on 3 May 2016 approved the divestment of 1000 MW power unit of Jindal Power Limited, located at Chhattisgarh, into a special purpose vehicle (SPV), for the purposes of transferring the same to JSW Energy Limited through sale of the entire share capital and other securities of the aforesaid entity in terms of the share purchase agreement for an enterprise value of Rs 6500 crore plus the value of net current assets as on the closing date. The valuation may vary based upon the achievement of PPAs as prescribed in the agreement subject to minimum of Rs 4000 crore plus the value of net current assets as on the closing date. In order to streamline cash flow of the group and create SPV amenable for monetization by way of divestments, the Board of Director of the company and Jindal Power Limited (JPL) (a subsidiary of the company) have in principle approved the restructuring involving JSPL and JPL and formed a committee of directors (Restructuring Committee), to explore and evaluate various restructuring options available including a scheme of arrangement. The restructuring will entail that 1000 MW power plant owed by JPL is hived off into an SPV, being subsidiary of JSPL and creation of other SPVs amenable for monetization by way of divestments as well as achieve better synergy across the group. This would further ensure that the businesses of these entities are operated in the most efficient and cost effective manner, including by pooling of technical, distribution and marketing skills, creating optimal utilization of resources, better administration and cost reduction. On 22 August 2016, Jindal Steel and Power Ltd. (JSPL) announced that it has secured long-term linkage of 1.18 Million Tonne Per Annum for its state-of-the-art captive power generation plants in Dongamahua and Raigarh in Chhattisgarh. The long-term coal linkage for a period of 5 years has been secured during the recent coal linkage auctions. The long-term linkage will ensure steady and assured supply of coal for the captive power plants, thereby enhancing the Fuel Security for the power plants. On 6 September 2016, Jindal Steel and Power Limited (JSPL) announced that it has achieved a landmark by becoming India's first and only manufacturer of Head Hardened Rails' for modern hi-speed trains and metros. The landmark achievement also propels JSPL into the elite club of 7 global steel majors, who have the capability to manufacture head hardened rails in the world. The plant with an investment of Rs 200 crore is capable of delivering 30,000 MT of rails per month and has been set up in technical collaboration with M/S SMS MEER, Germany. Head Hardening technology entails a special heat treatment process which requires very precise temperature control to achieve nearly 50% higher hardness as compared to a normal rail. On 28 May 2017, Jindal Steel and Power Limited (JSPL) announced that it has completed its 6 MTPA Integrated Steel Plant at Angul in Odisha at an investment of Rs 33000 crore. On 19 June 2017, Jindal Steel and Power Limited (JSPL) announced that it has secured coal linkages of over 0.51 tonne per annum in the recently concluded coal linkage auctions under captive power sub-sector. The coal linkages secured for 5-year duration, will provide steady supply of fuel to captive power plants run by the company for its steel making operations. The three captive power plants of the company are located at Raigarh and Dongamahua (Raigarh district) - both in Chhattisgarh; and for powering its 810 MW CPP in the 6 MTPA integrated steel complex at Angul, Odisha. On 9 October 2017, Jindal Steel and Power Limited (JSPL) announced that it has consummated sale of oxygen plant assets at Rs 1121 crore with SREI Equipment Finance Limited. Under the transaction, JSPL has divested its oxygen plant assets at its integrated steel plants at Raigarh (Chhattisgarh) and Angul (Odisha), and received a total consideration (inclusive of taxes) of Rs 1121 crore. JSPL and SREI Equipment Finance have also entered into a Lease Back agreement of the oxygen plant assets for continued operations by JSPL for manufacturing of steel at the respective plants. On 26 December 2017, Jindal Steel and Power Limited (JSPL) announced that it has successfully completed a 250 Ton Basic Oxygen Furnace (BOF) marking the completion of its 6 MTPA integrated steel project at Angul, Odisha. With the completion of the new steel making facility, JSPL will utilize the full capacity of its 4 MTPA Mega Blast Furnace, the largest in India. The BOF will also enable the company to achieve significantly higher cost effectiveness and efficiencies for steel making. On 23 March 2018, Jindal Steel and Power Limited (JSPL) announced successful closure of Qualified Institutions Placement (QIP) issue of Rs 1200 crore. The QIP issued opened for bidding on 20 March 2018. The board of JSPL approved the issuance of shares at Rs 233 per share, which was Rs 5.85 above the floor price. The funds from this equity raise are expected to be used primarily for working capital requirements, payment of operational and capital expenditure creditors and repayment of certain long term loans. On 5 April 2018, Jindal Steel and Power Limited (JSPL) announced that credit rating agency CARE has upgraded JSPL's bank and instrument facilities to Investment Grade with Stable Outlook. The new ratings account for the improved liquidity position of the steel and power major post equity infusion of Rs 1893 crore including the recent Rs 1200 crore QIP issue. The promoters are committed to bring in equity of Rs 693 crore, out of which Rs 188 crore have already been infused through warrants. On 9 April 2018, Jindal Steel and Power Limited (JSPL) announced that it has posted its lifetime highest monthly crude steel production in the month of March 2018. With a steel production of 0.45 Million Tonnes in March 2018 in India, at its integrated steel plants in Raigarh and Angul, JSPL also achieved its highest ever quarterly steel production at 1.26 Million Tonnes in Q4 FY 2017-18. JSPL also posted its highest ever monthly and quarterly sales by achieving 0.45 M in March and 1.18 MT during January - March (Q4) 2018. The figures do not include the crude steel production at Jindal Shadeed, Oman.

Jindal Steel & Power Ltd Directors Reports

Dear Members,

The Board of Directors are pleased to present the Company's 42nd Annual Report and the Company's audited financial statements (standalone and consolidated) for the Financial Year ended March 31, 2021.

FINANCIAL RESULTS

The Company's financial results for the year ended March 31, 2021, are summarized below:

(Rs in Crore)
Standalone Consolidated
Particulars 2020-21 2019-20 2020-21 2019-20*
Total Income 33,973.94 26,228.25 39,527.55 30,490.80
EBITDA 13,054.91 5,777.31 14,444.25 6,814.66
Depreciation and amortisation expenses 2,243.45 2,287.08 3,453.34 3,428.87
Finance Cost (Net) 2,186.54 2,610.61 3,093.33 3,767.88
Profit/ (Loss) before tax after exceptional Items from continuing operations 9,119.22 879.62 7,295.64 (465.24)
Less: Provision of tax 1,964.91 261.95 1,768.71 108.45
Profit/ (Loss)after tax from continuing operations 7,154.31 617.67 5,526.93 (573.69)
Profit/ (Loss) before tax after exceptional Items from discontinued operations - - (1,216.60) 219.40
Less: Provision of tax - - 43.29 45.41
Profit/ (Loss) after tax from discontinued operations - - (1,259.89) 173.99

* Please refer note no. 55 to the consolidated financial statements as at and for the year ended March 31, 2021.

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION AND CHANGE IN BUSINESS

There have been no material change(s) and commitment(s), except elsewhere stated in this report, affecting the financial position of the Company between the end of the financial year of the Company i.e. March 31, 2021 and the date of this Report.

There has been no change in the nature of business of the Company during the financial year ended on March 31, 2021.

OPERATIONAL HIGHLIGHTS Steel:

Notwithstanding the massive disruption caused by the pandemic in early FY'21, the Company's wide product profile and geographical diversification helped the Company report higher production and sales on year-on-year basis. During FY'21, production of crude steel increased by 19% (y-o-y) to hit a record of 7.51 MT as against 6.30 MT in FY'20, whereas the sales of various steel products during FY'21, also reached the highest ever level of 7.28 MT, an increase of 20% (y-o-y) as compared to 6.06 MT in FY'20.

Better export markets during the FY'21, resulted in the Company's exports rising by 226% to 2.53 MT accounting for 35% of its overall sales. The pellet operations at the Barbil Plant of the Company also reported record production of 7.76 MT in FY'21 as compared to 7.28 MT in FY'20.

Power:

During FY'21, the power generation was 13,075 MU as against 9,583 MU in FY'20.

DIVIDEND AND RESERVE

The Board of Directors of your Company had approved the Dividend Distribution Policy in accordance with Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,

2015 ("Listing Regulations"). The Policy may be accessed on the website of the Company at: https://www.jindalsteelpower.com/policies.html

The objective of this policy is to establish the parameters to be considered by the Board of Directors of your Company before declaring or recommending dividend.

The Board of Directors of your Company has not recommended any dividend during the year. There was no transfer to reserves during the year.

CREDIT RATING

Your Company's domestic credit ratings, as on March 31, 2021, are as follows:

Long-term Short term
Rating Agencies
debt/facilities/NCD debt/ facilities
Credit Analysis & Research Ltd. A(-) A2(+)
("CARE")
CRISIL A(-) A2(+)
ICRA Limited BBB(+) A2

During the FY'21, Credit Ratings of the Company were upgraded to "A(-) with Stable outlook" by CRISIL from "BBB with positive outlook", CARE has upgraded the credit rating to "A(-)" with Stable outlook from "BBB(-) with Stable outlook". ICRA has also upgraded the credit rating to "BBB(+) with Stable outlook" from "BBB(-) with Positive outlook".

Further, subsequent to the close of FY'21, the credit ratings of the Company have been further upgraded, as follows:

Rating Agencies Long-term debt/facilities/NCD Short term debt/ facilities
CARE A(+) A1(+)
ICRA Limited A A1
CRISIL A(-) A2(+)

CONSOLIDATED FINANCIAL STATEMENTS

In accordance with the provisions of the Companies Act, 2013 ("the Act"), the Listing Regulations and Ind AS, the audited consolidated financial statements are provided in the Annual Report.

SHARE CAPITAL

During FY'21, there was no change in the Authorised Share Capital and Paid-up Share Capital of the Company. As at March 31, 2021, the Authorised Share Capital of the Company was Rs 300,00,00,000/-(Rupees Three Hundred Crore only) divided into 200,00,00,000 (Two Hundred Crore) equity shares of Rs 1/- (Rupee One only) each and 1,00,00,000 (One Crore) Preference Shares of Rs 100/- (Rupees One Hundred only) each and Paid-up Share Capital of the Company was Rs 1,02,00,15,971/- (Rupees One Hundred Two Crore Fifteen Thousand Nine Hundred and Seventy One only) comprising of 1,02,00,15,971 (One Hundred Two Crore Fifteen Thousand Nine Hundred and Seventy One) equity shares of Rs 1/- (Rupee One only).

Subsequent to the closure of FY'21, the Company has allotted 72,126 equity shares to the eligible employees of the Company and its subsidiary, on exercise of the options granted under JSPL ESOP Scheme-2017

EMPLOYEE STOCK OPTION SCHEME/ EMPLOYEE SHARE PURCHASE SCHEME

In order to motivate, incentivize and reward employees, your Company instituted Employee Share Purchase Schemes namely JSPL ESPS-2013, JSPL ESPS-2018 and Employee Stock Option Scheme namely JSPL ESOP Scheme-2017.

The Nomination and Remuneration Committee ("NRC") monitors the implementation of JSPL ESPS-2013, JSPL ESPS-2018 and JSPL ESOP Scheme-2017. JSPL ESPS-2013, JSPL ESPS-2018 and JSPL ESOP Scheme-2017 are in compliance with the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 ("SEBI SBEB Regulations").

Relevant disclosures pursuant to SEBI SBEB Regulations, as on March 31, 2021, are available on the website of the Company at www. jindalsteelpower.com.

Certificate from M/s. Lodha & Co., Chartered Accountants, Statutory Auditors, with respect to the implementation of JSPL ESPS-2013, JSPL ESPS-2018 and JSPL ESOP Scheme-2017 will be available on the website of the Company at www.jindalsteelpower.com.

NON_CONVERTIBLE DEBENTURES

The aggregate outstanding amount of Non-Convertible Debentures ("NCDs") of the Company as on March 31, 2021 was Rs 12.40 Crore.

During FY'21, NCDs amounting to Rs 672.40 Crores have been redeemed. There was no delay in servicing of interest and principal of NCDs during FY'21, in terms of the schedule of payment agreed with the Debenture holders from time to time. Necessary Disclosures in this regard under Listing Regulations have been made to the Stock Exchange where the debentures of the Company are listed.

Subsequent to the closure of FY'21, the Company has repaid the outstanding amount of Rs 12.40 Crore, towards the NCDs.

DEPOSITS

The Company has not accepted/received any deposits during the year under report, falling within the ambit of Section 73 of the Act and the Companies (Acceptance of Deposits) Rules, 2014.

RELATED PARTY TRANSACTIONS

In terms of Section 188 of the Act read with rules framed thereunder and Regulation 23 of the Listing Regulations, your Company has in place Related Party Transactions Policy dealing with related party transactions. The policy may be accessed at: https://www. jindalsteelpower.com/policies.html

All the related party transactions that were entered and executed during the year under review were on arm's length basis and in the ordinary course of business and within permissible framework of Section 188 of the Act and Rules made thereunder, read with Regulation 23 of Listing Regulations. There were no materially significant related party transactions made by the Company during the year that would have required the approval of the shareholders under regulation 23 of the Listing Regulations.

The details of the transactions with the related parties are provided in the accompanying financial statements. There were no related party transactions entered by the Company during the year under review that are required to be disclosed in Form AOC-2.

PARTICULARS OF LOANS, GUARANTEES, SECURITIES AND INVESTMENTS

Details of Loans, Guarantees, Securities and Investments covered under the provisions of Section 186 of the Act are given in the notes to Financial Statements.

SUBSIDIARIES, ASSOCIATE AND JOINT VENTURE COMPANIES

A separate statement containing performance and highlights of Financial Statements of subsidiary, associate and joint venture companies is provided in the prescribed form AOC-1 attached to the Consolidated Financial Statements forms part of this report.

The name of companies which have become or ceased to be subsidiary or joint venture or associate companies, if any, have been mentioned in the notes to the accounts.

The financial statements of subsidiary companies are kept open for inspection by the shareholders at the registered office of the Company during business hours on all days except on Saturdays, Sundays and on public holidays upto the date of the Annual General Meeting ("AGM") as required under Section 136 of the Act. Any member desirous of obtaining a copy of the said financial statements may write to the Company at its Registered Office or Corporate Office.

The audited financial statements including the consolidated financial statements and all other documents required to be attached thereto and financial statements of each of the subsidiaries have been uploaded on the website of your Company at www.jindalsteelpower.com.

Your Company has framed a policy for determining "Material Subsidiary" in terms of Regulation 16(c) of Listing Regulations. The policy may be accessed on the website of the Company at: https:// www.jindalsteelpower.com/policies.html

During FY' 21, the shareholders of the Company, in the Extra-ordinary General Meeting held on July 28, 2020, subject to the approval of lenders of Jindal Shadeed Iron and Steel LLC, Oman ("Jindal Shadeed") and such other approvals, consents, permissions and sanction as may be necessary, approved the divestment by Jindal Steel & Power (Mauritius) Limited ("JSPML"), upto its entire stake in Jindal Shadeed, by way of sale of shares to Templar Investments Limited or any of its subsidiaries, in one or more tranches.

In terms of the said approval of the shareholders, during the year JSPML completed the sale of its entire stake in the Jindal Shadeed to Vulcan Steel.

Subsequent to the closure of FY'21, the Board of Directors of the Company, subject to approval of the shareholders, and regulatory approvals, approvals from lenders of the Company and Jindal Power Limited, contractual approvals and such other approvals, consents, permissions and sanctions as may be necessary in line with extant relevant guidelines, approved the divestment of its entire stake, both Equity Shares and Preference Shares, in Jindal Power Limited, a material subsidiary of the Company, by way of sale of Equity Shares and Preference Shares, to Worldone Private Limited ("Worldone"), a Promoter Group Company and a related party to the Company, for an aggregate consideration of Rs 7401,28,55,824 (Indian Rupees Seven Thousand Four Hundred and One Crore Twenty Eight Lakh Fifty Five Thousand Eight Hundred and Twenty Four) payable partly by way of cash consideration of Rs 3015,00,00,000 (Indian Rupees Three Thousand and Fifteen Crores) and partly by way of Worldone taking over and assuming all the liabilities and obligations in relation to the inter-corporate deposits and capital advances paid by Jindal Power Limited to the Company, aggregating to Rs 4386,28,55,824 (Indian Rupees Four Thousand Three Hundred and Eighty Six Crores Twenty Eight Lakhs Fifty Five Thousand Eight Hundred and Twenty Four). The long stop date for completion of the proposed divestment, as detailed above, is 12 (twelve) months which may be mutually extended by the parties thereto, failing which the proposed divestment shall terminate.

DIRECTORS AND KEY MANAGERIAL PERSONNEL Directors:

On the recommendations of NRC, the Board, subject to the approval of the shareholders, approved the re-appointments of Mr. Naveen Jindal, Wholetime Director designated as the Chairman and Mr. Dinesh Kumar Saraogi, Wholetime Director for a further period of 3 years w.e.f. October 1, 2020 and November 9, 2020, respectively. Subsequently, the Shareholders of the Company, in the AGM of the Company held on September 30, 2020, approved the re-appointments of Mr. Naveen Jindal, Wholetime Director designated as the Chairman and Mr. Dinesh Kumar Saraogi, Whole time for a further period of 3 years w.e.f. October 1, 2020 and November 9, 2020, respectively.

Your Board regrets to inform you of the sudden and sad demise of Mr. Anjan Barua, Nominee Director -State Bank of India on May 22, 2021.

The second term of appointment of Mr. Ram Vinay Shahi, Mr. Arun Kumar Purwar, Mr. Sudershan Kumar Garg and Mr. Hardip Singh Wirk, Independent Directors was completed on July 29, 2021. Accordingly, Mr. Ram Vinay Shahi, Mr. Arun Kumar Purwar, Mr. Sudershan Kumar Garg and Mr. Hardip Singh Wirk, ceased to be Independent Directors w.e.f. July 29, 2021.

The Board places on record its deep appreciation of the contributions made by Mr. Barua, Mr. Shahi, Mr. Purwar, Mr. Garg and Mr. Wirk, during their respective tenures on the Board.

On the recommendation of NRC, the Board of Directors has appointed Dr. Bhaskar Chatterjee, Mr. Anil Wadhwa, Mrs. Shivani Wazir Pasrich and Ms. Kanika Agnihotri, as Additional Directors in the category of Independent Directors with effect from July 29, 2021 and Mr. Sunjay Kapur, as an Additional Director in the category of Independent Director with effect from August 10, 2021, respectively to hold the office up to the AGM of the Company. The Board recommends their appointment as Independent Directors.

In accordance with the provisions of Section 152 of the Act and in terms of the Articles of Association of the Company, Mrs. Shallu Jindal, Director of the Company is retiring by rotation at the ensuing AGM and is eligible for re-appointment. Your Board recommends the reappointment of Mrs. Shallu Jindal, Director of the Company.

The particulars in respect of Mrs. Shallu Jindal, Dr. Bhaskar Chatterjee, Mr. Anil Wadhwa, Mrs. Shivani Wazir Pasrich, Ms. Kanika Agnihotri and Mr. Sunjay Kapur as required under Regulation 36(3) of Listing Regulations and SS-2, are mentioned in the Notice of AGM.

Key Managerial Personnel

Mr. Hemant Kumar was appointed as Chief Financial Officer of the Company w.e.f. December 15, 2020 to fill the vacancy caused due to resignation of Mr. Deepak Sogani.

BOARD EVALUATION

The Board carried out an annual performance evaluation of its own performance, the performance of the Directors individually as well as the evaluation of the various Committees of the Board. Details of the same are given in the Corporate Governance Report which forms part of this report.

DECLARATION BY INDEPENDENT DIRECTORS

The Company has received declarations from each of the Independent Directors that they, respectively, meet the criteria of independence prescribed under Section 149 read with Schedule IV of the Act and rules made thereunder, as well as Regulations 16 and 25(8) of the Listing Regulations. Based on the declarations received, the Board considered the independence of each of the Independent Directors in terms of above provisions and is of the view that they fulfil the criteria of independence and are independent from the management.

MEETINGS OF THE BOARD AND COMMITTEES

The Board of Directors met 8 times during the period under review. The details of number of meetings of the Board and various Committees of the Board of your Company are set out in the Corporate Governance Report which forms part of this report.

SECRETARIAL STANDARDS

The Directors state that applicable secretarial standards i.e. SS-1 and SS-2, relating to meetings of the Board of the Directors and General Meetings have been duly followed by the Company.

REMUNERATION POLICY

In accordance with the provisions of Section 178 of the Act and Part D of Schedule II of the Listing Regulations, the policy on Nomination and Remuneration of Directors, KMPs and Senior Management of your Company is uploaded on the website of the Company and may be accessed at: https://www.jindalsteelpower.com/policies.html

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration

85 of Managerial Personnel) Rules, 2014, as amended, a statement showing the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules and the disclosures relating to remuneration and other details required under the provisions of Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed as Annexure-A to this report.

STATUTORY AUDITORS

M/s Lodha & Co., Chartered Accountants (ICAI Firm Registration No. 301051E), New Delhi, who had been appointed as the Statutory Auditors for a period of 5 years from the conclusion of 37th AGM, will complete their present term on the conclusion of 42nd AGM of the Company. The Board of Directors, on the recommendation of the Audit Committee, recommended for the approval of the members of the Company, the re-appointment of M/s Lodha & Co., Chartered Accountants (ICAI Firm Registration No. 301051E), New Delhi, as Statutory Auditors for the second term of 5 years, from the conclusion of 42nd AGM of the Company till the completion of 47th AGM of the Company.

The Company has received confirmation from the Statutory Auditors to the effect that their re-appointment, if made, will be in accordance with the limits specified under the Act and they satisfy the criteria with respect to their eligibility, provided in Section 141 of the Act read with rules made thereunder.

The Statutory Auditors have issued an unmodified opinion on the Company's Financial Statements for the financial year ended March 31, 2021.

There are no instances of any fraud reported by the Statutory Auditors to the Audit Committee or the Board pursuant to section 143(12) of the Act.

SECRETARIAL AUDITORS

M/s RSMV & Co., Company Secretaries, New Delhi (CP No. 11571) were appointed to conduct the Secretarial Audit of the Company for the financial year 2020-21. In terms of Regulation 24A of the Listing Regulations, M/s RSMV & Co., Company Secretaries were also appointed as Secretarial Auditors of Jindal Power Limited, a material unlisted subsidiary of the Company.

Secretarial Audit Reports issued by M/s. RSMV & Co., Company Secretaries, New Delhi of the Company as well as Jindal Power Limited are annexed herewith as Annexure-B to the Report. The report of the Secretarial Auditors are self explanatory.

COST AUDITORS

In terms of sub-section (1) of Section 148 of the Act read with Companies (Cost Records and Audit) Rules, 2014, as amended from time to time, the Company is required to maintain the cost records. Accordingly, such accounts and records have been maintained by the Company.

M/s Ramanath Iyer & Co., (FRN 000019), Cost Accountants, were appointed as the Cost Auditors of the Company for auditing the cost records of the Company for the financial year 2021-22, subject to rati_cation of remuneration by the Shareholders of the Company in the 42nd AGM of the Company. Accordingly, an appropriate resolution seeking rati_cation of the remuneration for the financial year 2021-22 of M/s Ramanath Iyer & Co., Cost Auditors, is included in the Notice convening the 42nd AGM of the Company.

RISK MANAGEMENT

The Company has in place a robust risk management framework which identifies and evaluates business risks and opportunities. The Company recognizes that these risks need to be managed and mitigated to protect the interest of the shareholders and stakeholders, to achieve business objectives and enable sustainable growth. The risk management framework is aimed at effectively mitigating the Company's various business and operational risks, through strategic actions. Risk management is embedded in our critical business activities, functions and processes. The risks are reviewed for the change in the nature and extent of the major risks identified since the last assessment. It also provides control measures for risk and future action plans.

INTERNAL FINANCIAL CONTROLS

The Company has in place adequate internal financial controls with reference to financial statements and such internal financial controls are operating effectively. Your Company has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Company's policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records, and timely preparation of reliable financial disclosures.

CORPORATE SOCIAL RESPONSIBILITY

The Company strongly believes that sustainable community development is essential for harmony between the community and the industry. The Company endeavours to make a positive contribution especially to the underprivileged communities by supporting a wide range of socio-economic, educational and health initiatives.

The Health, Safety, CSR, Sustainability and Environment Committee ("HSCSE Committee") of the Board of Directors of the Company oversees the implementation of CSR Policy of the Company.

In line with the provisions of the Act and on the recommendations of the HSCSE Committee, the Board of Directors has approved the CSR Policy of the Company. Detailed CSR Policy of the Company has been uploaded on the website of the Company at www.jindalsteelpower.com.

The Annual Report on the CSR activities for the financial year 2020-21 is annexed herewith as Annexure-C to this report.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

No significant material order(s) passed by the regulators/ courts which would impact the going concern status of the Company and its future operations during the year under review.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(3) (c) of the Act, your Directors state that:

(a) in the preparation of the annual accounts for the year ended March 31, 2021, the applicable accounting standards and Schedule III to the Act, have been followed and there are no material departures from the same;

(b) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company as at March 31, 2021 and of the profit of the Company for the year ended on that date;

(c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(d) The Directors have prepared the annual accounts on a going concern basis;

(e) The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

(f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

OTHER INFORMATION

Business Responsibility Report

As stipulated under Listing Regulations, a separate section titled "Business Responsibility Report" forms part of this Annual Report which describes the initiatives taken by your Company from environmental, social and governance perspective.

Management Discussion and Analysis Report

As stipulated under Listing Regulations, a separate section titled "Management Discussion and Analysis Report", forms part of this Annual Report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars related to conservation of energy, technology absorption and foreign exchange earnings and outgo as required to be disclosed under Section 134(3) (m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014, is annexed herewith as Annexure-D to this Report.

ANNUAL RETURN

In accordance with the provisions of Sections 92 and 134(3)(a) of the Act read with the Companies (Management and Administration) Rules, 2014, the Annual Return in e-form MGT-7 for the financial year ended March 31, 2021 has been uploaded on the website of the Company i.e. www.jindalsteelpower.com

CORPORATE GOVERNANCE

Your Company is committed to achieve the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out by the Securities and Exchange Board of India. Your Company has also implemented several best Corporate Governance practices as prevalent globally.

The report on Corporate Governance as stipulated under the listing regulations for the Financial Year 2020-21 and a certificate issued by M/s Navneet K. Arora & Co. LLP, Company Secretaries in Practice confirming compliance with the conditions of Corporate Governance is annexed herewith as Annexure-E to this report.

WHISTLE BLOWER POLICY/VIGIL MECHANISM

Your Company has formulated a robust vigil mechanism to deal with instances of unethical behavior, actual or suspected fraud or violation of Company's code of conduct or ethics policy. The details of policy are explained in the Corporate Governance Report and also uploaded on website of the Company at: https://www.jindalsteelpower.com/ policies.html

IMPACT OF COVID_19

Details of the impact of Covid-19, have been provided in the notes to financial statements forming part of this report.

PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

As per the requirement of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made thereunder, your Company has constituted an Internal Complaints Committee having designated independent member(s) to redress complaints regarding sexual harassment. During the year, no complaint regarding Sexual Harassment has been reported.

CAUTIONARY STATEMENT

Statements in the Board's Report and the Management Discussion & Analysis describing the Company's objectives, expectations or forecasts may be forward looking within the meaning of applicable Securities Laws and Regulations. Actual results may differ materially from those expressed in the statement. Important factors that could influence the Company's operations include global and domestic demand and supply conditions affecting selling prices of finished goods, input availability and prices, changes in Government Regulations, Tax Laws, Economic Developments within the country and other factors such as litigation and industrial relations.

ACKNOWLEDGEMENTS

The Directors wish to place on record their appreciation for the sincere services rendered by Company's staff and workers at all levels. Your Directors also wish to place on record their appreciation for the valuable co-operation and support received from the Government of India, various State Governments, the Banks/ Financial Institutions and other stakeholders such as shareholders, customers and suppliers, among others. The Directors also commend the continuing commitment and dedication of the employees at all levels, which has been critical for the Company's success. The Directors look forward to their continued support in future.

For & on behalf of the Board of Directors
Naveen Jindal
Place: New Delhi Chairman
Date: August 10, 2021 DIN: 00001523

   

Jindal Steel & Power Ltd Company Background

Naveen JindalV R Sharma
Incorporation Year1979
Registered OfficeO P Jindal Marg,
Hisar,Haryana-125005
Telephone91-1662-222471-84,Managing Director
Fax91-1662-220476
Company SecretaryAnoop Singh Juneja
AuditorLodha & Co
Face Value1
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarAlankit Assignments Ltd
Alankit Heights ,1E/13 Jhandewalan Ex, ,New Delhi-110055

Jindal Steel & Power Ltd Company Management

Director NameDirector DesignationYear
Naveen Jindal Chairman 2021
Shallu Jindal Director 2021
Dinesh Kumar Saraogi Whole-time Director 2021
Savitri Jindal Chairman Emeritus 2021
V R Sharma Managing Director 2021
Anoop Singh Juneja Company Secretary 2021
Bhaskar Chatterjee Independent Director 2021
Kanika Agnihotri Independent Director 2021
Anil Wadhwa Independent Director 2021
Shivani Wazir Pasrich Independent Director 2021
Sunjay Kapur Addtnl Independent Director 2021

Jindal Steel & Power Ltd Listing Information

Listing Information
BSE_500
BSE_200
BSEDOLLEX
NIFTYJR
CNX500
BSEMETAL
BSEMID
CNX100
CNXMETAL
CNX200
CNXCOMMODI
BSEALLCAP
BSEMETERIA
MID150
LMI250
MSL400
BSEEVI
BSEQUI
NFTYLM250
NF500M5025

Jindal Steel & Power Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Iron & Steel NA 00031922.97
Power Kwh0001388.35
Others MT 000375.56
Parallel Flange/Beam/Columns MT 0000
Pelletization Plant MT 0000
Round Corner Square MT 0000
Rubm By Products MT 0000
SAF-By product MT 0000
Sale of Finished Goods NA 0000
Sale of Products NA 0000
By products MT 0000
Sale of Traded Goods NA 0000
Excise Duty NA 0000
Job Work Charges Rs.0000
Aviation Income NA 0000
Bar Mill MT 0000
Beam Blank MT 0000
C F Castings MT 0000
Captive sales from own projectNA 0000
MBF-By product MT 0000
Medium & Light Section Mill MT 0000
Other Finished Steel Products MT 0000
Other Operating Revenue NA 0000
Otheres Traded MT 0000
Mild Steel MT 0000
Hot Metal/Pig Iron MT 0000
Pig Iron MT 0000
Ferro Alloys MT 0000
Ferro Chrome MT 0000
Sponge Iron MT 0000
Ferrous waste and scrap MT 0000
Bloom/Billet MT 0000
Bloom/Slab MT 0000
Ingots MT 0000
MS Ingots MT 0000
Other Semi Steel Products MT 0000
MS Slab/Ingots MT 0000
Plate Mill MT 0000
Plates MT 0000
Universal Plate/Coil MT 0000
Bars MT 0000
MS Rounds MT 0000
Wire Rods MT 0000
SS Ingots MT 0000
Steel Products-Finished MT 0000
Rails & Universal Beam Mill MT 0000
Structure-Fabricated MT 0000
Runners & Risers MT 0000
Castings-Steel MT 0000
Flanges MT 0000
Machinery MT 0000
Wind Energy Kwh0000
Wind Energy MW 0000
Power MW 0000
Power - Angul MW 0000
Power Traded Kwh0000
Oxygen Gas CuM0000
Oxygen Gas MCM0000
Lime MT 0000
Cement MT 0000
Cement Plant MT 0000
Iron Ore Pellets MT 0000
Iron Ore-Fines MT 0000
Ash/Char MT 0000
Coal-Fines MT 0000
Coke MT 0000
Inter Division Transfer NA 000-7363.26

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