In terms of Direct Taxes, Jindal Steel & Power Limited’s (JSPL) contribution to the exchequer is amongst the top in the private sector during the year FY 2021.
The total contribution to the exchequer is the result of value addition by various business segments across multiple hierarchies of the business cycle of the company.
Naveen Jindal led JSPL reported a contribution of Rs. 6,220 crores to the public exchequer by the way of paying excise duty, customs duty, GST, corporate tax, dividend, and other during the year 2020-21.
The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employee’s State Insurance, Income Tax, Goods and Service Tax, Custom Duty, Cess and other material statutory dues with the appropriate authorities, to the extent applicable. There were no undisputed statutory dues payable as of March 31, 2021, which were outstanding for more than six months from the date they become payable, the company said in its annual report.
Soon, the company aspires to become a net debt-free Company, which will be a unique feat in India’s steel scenario. In pursuit of this ambition, it has reduced net debt by Rs. 13,734 crores taking the company net debt to Rs. 22,146 crores at a consolidated level.
Because of the losses in the preceding three years the Company is not required to spend any amount on corporate social responsibility (CSR) as per the provision of section 135 of the Companies Act, 2013. However, the company has voluntarily spent an amount of over Rs. 16 crores as CSR expenses.
In FY 2020-21, JSPL recorded gross revenue of Rs. 37,051 crore and net revenue of Rs. 33,308 crores. Standalone EBITDA at Rs 13,055 crore is reported highest yet, with net profit soaring to Rs. 7,154 crores powered by strong business performance and cost-saving measures.
From a steelmaking standpoint, the company produced 7.51 MnT of steel including pig iron, a growth of 55% growth in three years, without undertaking any significant capital expenditure. JSPL is hoping to sell 7.28 MnT of steel, encouraging the growth of 20% (y-o-y).
JSPL which became India’s first company in the private sector, in 2020, to receive the ‘Regular Rail Supplier’ status by Indian Railways, increasing its domestic steel capacity by 66% to touch 15.9 MTPA, and with Angul Phase II, it will be commissioning a new blast furnace, steel melt shops, direct reduced iron plant, replicating our existing facilities to double our capacity at the location. The expected commissioning of the blast furnace will be in December 2023.