Jindal Power IPO will raise Rs 7200 crore
Jindal Power will raise initial public offer (IPO) in the next 3-4 months to raise Rs 7200 crore, said by Sushil K Maroo, Director and Group CFO of Jindal Steel & Power (JSPL).
Maroo revealed merchant prices in the third quarter and discovered a decline in the merchant prices. He is worried for the future steel prices due to continuous hike in coal prices.
Third quarter reports increase in net profit from Rs 874 crore to Rs 951 crore year on year basis while net sales went up by 17.94% to Rs 3,168 crore from Rs 2,686 crore (YoY).
Maroo said that several companies have entered this sector and set up their plants in the last two years due to higher prices and profitability.
He is expecting merchant prices to stabilize between Rs 3.75 to Rs 4.50 in the coming quarters.
He further said that company is expecting Rs 3,500 crore to Rs 4,000 crore sales every year from the existing 1,000 megawatts. But with the opening of other terminals 2400 megawatt will be added and another 1980 megawatt with the new terminal in Jharkhand will definitely add to the growth.
Maroo said that company is planning to export iron ore from Bolivia for the first time. There are lots of logistic issues involved which need to be taken care. Everything will remain unchanged for this quarter but once all the problems meet their solution, there is a definite growth.