JSPL-FinancialResults2Q&1HFY18

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PRESSRELEASE

FINANCIALRESULTSFORSECONDQUARTER&HALFYEARFY2017-18

• ConsolidatedRevenuesup22%YoY• ConsolidatedEBITDAup62%YoY• JPLEBITDAup89%YoY• OmanEBITDAup316%YoY

JSPLStandalone2QFY18Performance(YoY):

§ Turnover:Rs.3,668Cr;increasedby5%§ EBITDA:Rs.784Cr;increasedby48%§ EBITDAMargin:21%§ PelletSales(External+Captive):1.63milliontonnes§ CrudeSteelProduction:0.89milliontonnes§ SteelSales:0.83milliontonnes

JSPLConsolidated2QFY18Performance(YoY):§ Turnover:Rs.6,125Cr;increasedby22%§ EBITDA:Rs.1,373Cr;increasedby62%§ EBITDAMargin:22%§ EBITDA–Oman:US$55mn§ CrudeSteelProduction:1.32milliontonnes§ SteelSales:1.27milliontonnes

JPL2QFY18Performance(YoY):§ Turnover:Rs.878Cr§ EBITDA:Rs.345Cr§ EBITDAMargin:39%§ CashProfit:Rs.187Cr

1. JSPLStandalonePerformance

ThehighlightoftheSecondQuarterwasthecommissioningofIndia’slargestBlastFurnace

attheCompany’sAngulplantandthestabilizationthereafter.

JSPLSteelproductionrose1%inthequarterendedSeptember’2017to0.89milliontonnes

JSPL-FinancialResults2Q&1HFY18

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(0.88million tonnes in2QFY17)while StandaloneSteel salesduring2QFY18 increased to

0.83milliontonnes(up3%YoY),despiteofitbeingamonsoonquarterandaleanseasonfor

LongProductSales.TheproductionrampupinAngulshallbemoreevidentoncetheBoFis

commissionedbeforetheendofthethirdquarter.SteelExportsin2QFY18recorded146%

growthoverthesameperiodlastyearandup83%QoQ.

WithSteelpricesfaringbetterthanlastyearandonbackoftheefficienciesbroughtinbythe

Company, evenafter offsetting for the increased rawmaterial costs, EBITDA for the same

periodincreasedby48%YoYtoRs.784Cr.EBITDAmargininthereportedquarterstoodat

21% as compared to 20% in 1QFY18 & 15% in 2QFY17. The Profit before Tax (PBT) in

2QFY18improved32%YoYwhileProfitafterTax(PAT)improved37%YoY.

InnovationatJSPLcontinuedduringthequarterwithitssteelmillsrollingoutnewsections

&gradesofcoils,headhardenedrailsandMLSMsectionstoimprovetheproductmix.

During 2QFY18, production of pellets decreased by 2% YoY to1.58 million tonnes. The

company achieved external sales of 0.86MTduring 2QFY18. The Company is on track to

installaFilterpressat theBarbilunit,which isexpectedto increaseproductionbyatleast

10%. The Barbil unit continued to remain the single largest exporter of pellets in the

country.

2. JSPLConsolidatedPerformance

JSPLproduced1.32milliontonnesontheConsolidatedlevel(up14%from1.16milliontonnes

in2QFY17)andsold1.27milliontonnes(up17%from1.08milliontonnesin2QFY17).

Steady rise inoperatingprofits across all businesses in the reportedquarterhave led to the

ConsolidatedEBITDAincreasingtoRs.1,373CrfromRs.848Cr(in2QFY17),up62%YoY.The

overallPBTandPATfor2QFY18alsoimprovedby32%and33%YoYrespectively.

Asofquarter-ended30thSeptember’17,JSPLconsolidatednetdebtwasmaintainedatthesame

level as last quarter. In continuation with its plans to strengthen the balance sheet, the

JSPL-FinancialResults2Q&1HFY18

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CompanydivesteditsOxygenPlantAssetsduringthereportedquarterandusedtheproceeds

to clear its entire pending domestic dues with all banks. The Company remains focused on

bringingdowndebtandisontracktofurtherimproveitsNetdebttoEBITDA.

3. JindalPowerLtd(JPL)

Power producers across most parts of India witnessed low coal availability in the second

quarter,which led to a fall in generation for JPL.TheCompanygenerated2,427units in the

reportedSeptemberquarterascomparedto3,186units in1QFY18(down24%).Accordingly,

thestationPLFalsodecreasedto32%comparedto37%in2QFY17.

The revenue for 2QFY18 increased by 20% compared to the same quarter in FY17. EBITDA

margin for the quarter ending September’17 was at 39% as compared to 25% in 2QFY17,

amountingtoRs.345Cr(ascomparedtoRs.182Crin2QFY17).JPLgeneratedcashprofitsof

Rs.187Crin2QFY18.

During thequarter,TamilNadu200MWMedium termPPAwas also extended forperiodof

anothertwoyears.

4. GlobalVentures

4.1. Oman:During thequarterended30thSeptember’2017, JindalShadeedproduced0.43milliontonnesofcrudesteel(asagainst0.28milliontonnesin2QFY17).Therebarmill

atOmanachievedproductionof0.22million tonnes thisquarter.OverallEBITDA for

2QFY18rose toUS$55mn(vs.US$32mn in1QFY18). JindalShadeed isnowamongst

thetopsteelsuppliersintheGCCmarkets.

4.2. Mozambique:MinesatMozambiqueproduced0.4milliontonnesofROMin2QFY18.

4.3. Australia:During2QFY18,DevelopmentworkwascarriedoutattheWongawillimines

withfull-fledgedminingoperationsexpectedtostartin3QFY18.

JSPL-FinancialResults2Q&1HFY18

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5. OverviewandOutlook

5.1. Steel-MarketOutlook

Theclosedownof facilities inChinacoupledwithothermeasurestocurbenvironmental

degradationhavehelpedsupportsteelpricesglobally.OverallSteelmarketshaveremained

robustwithWSAexpectingChina toshowasteeldemandgrowthof3%(not taking into

account demand generated due to closure of induction furnaces) and 2.8% for other

developingeconomiesinCY17.Theglobalsteeldemandisexpectedtofurtherstrengthen

withexpectationof4-5%growthindevelopingeconomies,specifically7.1%forIndiaand

flattishforChinainCY18.

Onbackof sustainedglobal steelpricesandrise indomesticdemandwith impetus from

government initiatives, the outlook for Steel markets in India looks particularly strong.

Demandforsteelseemstobegaininggroundwithmonsoonseasonendingandthehigh-

demandseasonsetting in.Longproductsdemand, specifically inRailsand Infrastructure

segments is already showing traction.Thegovernmenthasalreadybroughtouta tender

forbuyingupto0.7MTofRails,a firstofmany.Similarly, thegovernment issteadfaston

increasingthesteelintensityinIndiabypushingforsteelbridges&buildings.

TherecentlyannouncedgovernmentpackageofRs.2.11trilliontorecapitalizePSUbanks

isexpectedtofurtherboosttheinfrastructuregrowthinthecountry.Thecontinuoussteps

aimedatformalizationandbringingconvergenceinthesystemsstandstofurtherbenefit

theorganizedparticipantsintheindustry.

5.2. JSPLOutlook

5.2.1. Steel

WiththecommissioningofBlastFurnace,Angulvolumesaregraduallyrampingup.This

shall accelerate further with the commissioning of Basic Oxygen Furnace in 3QFY18.

Increase in volumes shall not only help the Company reduce costs further, improve

marginsbutalsohelptodeleveragefaster.

JSPL-FinancialResults2Q&1HFY18

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5.2.2. Power

Powerdemandinthecountryremainsstatic,withindustrialproductiongrowthstillto

show any major upsurge. Though the uptick in industrial production, especially in

capitalgoodsduringthefestiveseason,ifsustained,couldbeaprecursor.Thepricesin

merchantmarketshavebeenbetter,butpowerproducersstillawaitmorevisibilityon

longtermPPAs.

Meanwhile coal prices have toned down from 2QFY18 levels and could now remain

rangeboundorcouldgolowerasCoalIndiarampsupproduction,thusincreasingJPL

profitability.TheCompany isalso lookingatwaystobestmonetizetheexcessCaptive

Powercapacity.

5.2.3. GlobalVentures

TheOmanplantcontinuestoshowsteadygrowthinprofitsandtheCompanywilllook

tosustain&growthemfurtherbyrollingmorerebarseverysequentialquarterhereon.

Overseasmines&mineralsbusiness is improving steadilywithmines inMozambique

and South Africa showing better performance sequentially while assets in Australia

shouldstartproducingagainin3QFY18.

JSPL-FinancialResults2Q&1HFY18

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STANDALONEFINANCIALRESULTS

YearonYear

Parameter(inCroresofINR) Quarter2 Change(%)2017-18 2016-17Turnover 3,668 3,488 +5%EBITDA 784 531 +48%EBITDA% 21% 15% Depreciation+Amortization 496 524 -5%Interest 578 654 -12%PBTBeforeExceptional (290) (647) +55%Exceptional 150 -- PBT (440) (647) +32%PAT (255) (407) +37%CashProfit 56 (123)

CONSOLIDATEDFINANCIALRESULTS

YearonYear

Parameter Quarter2 Change(%)2017-18 2016-17

Turnover 6,125 5,029 +22%EBITDA 1,373 848 +62%EBITDA% 22% 18%

Depreciation+Amortization 998 999 --Interest 927 872 +6%PBTBeforeExceptional (550) (1,021) +46%Exceptional 150 --

PBT (699) (1,021) +32%PAT (499) (747) +33%CashProfit 299 (22)

JSPL-FinancialResults2Q&1HFY18

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PRODUCTION(Consolidated)

YearonYear

Product(MillionTonnes)Quarter2

Change(%)2017-18 2016-17

Steel* 1.32 1.16 +14%Pellets 1.58 1.61 -2%

QuarteronQuarter

Product(MillionTonnes) Q2FY17-18 Q1FY17-18 Change(%)

Steel* 1.32 1.26 +5%Pellets 1.58 1.69 -6%

*onlySlab/Round/Bloom/BeamBlank(includesOman)

SALES(Consolidated)

YearonYear

Product(MillionTonnes)Quarter2

Change(%)2017-18 2016-17

SteelProducts* 1.27 1.08 +17%Pellets(Externalsales) 0.86 0.73 +18%

QuarteronQuarter

Product(MillionTonnes) Q2FY17-18 Q1FY17-18 Change(%)

SteelProducts* 1.27 1.15 +10%

Pellets(Externalsales) 0.86 0.61 +41%*Slabs/Bloom/Billets/Structurals& Rails/Universal Plate/Coil/Converted Angle/Channel/ Wire Rod /TMT/Fabricated Beams/Plates(IncludesOman)

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JINDALPOWERLIMITED(JPL)

(ASUBSIDIARYOFJSPL)

YearonYear

Particulars(inCroresofINR) Quarter2 Change(%)2017-18 2016-17Turnover 878 734 +20%EBITDA 345 182 +89%EBITDA% 39% 25% Depreciation+Amortization 377 354 +7%Interest 227 179 +27%PBT (190) (246) +23%PAT (176) (205) +14%CashProfit 187 107 +74%Generation(millionunits) 2,427 2,313 +5%

QuarteronQuarter

Particulars(inCroresofINR) Q2FY17-18 Q1FY17-18 Change(%)

Turnover 878 1,079 -19%EBITDA 345 468 -26%EBITDA% 39% 43% Depreciation+Amortization 377 373 +1%Interest 227 227 --PBT (190) (62) -204%PAT (176) (32) -445%CashProfit 187 310 -40%Generation(millionunits) 2,427 3,186 -24%

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FORFURTHERINFORMATIONPLEASECONTACT: ForMediaInteraction: ForInvestorQueries:

1. Mr.GauravWahi

Head(CorporateCommunication)

Tel:+91-11-26739100 Mobile:+918826749938 Email:gaurav.wahi@jindalsteel.com

2. Ms.BhavnaSethiAVP(CorporateCommunication)

Tel:+91-11-26739100Mobile:+919560029642Email:-bhavna.sethi@jindalsteel.com

1. Mr.NishantBaranwalHead(InvestorRelations)

Tel:+91-11-26739100Mobile:+918800690255Email:nishant.baranwal@jindalsteel.com

2. Ms.ShwetaBagaria

AM(InvestorRelations)

Tel:+91-124-6612073Mobile:+919599553717

Email:shweta.bagaria@jindalsteel.com

ForwardlookingandCautionaryStatements:-Certainstatementsinthisreleaseconcerningourfuturegrowthprospectsareforwardlookingstatements,whichinvolveanumberofrisks,anduncertaintiesthatcouldcauseactualresultstodiffermateriallyfromthoseinsuchforwardlookingstatements.Therisksanduncertaintiesrelatingtothesestatementsinclude,butarenotlimitedto, risks and uncertainties regarding fluctuations in earnings, our ability tomanage growth, intense competitionwithinsteelindustryincludingthosefactorswhichmayaffectourcostadvantage,timeandcostoverrunsonfixed– price, our ability tomanage our operations, reduced demand for steel , power etc., The Company does notundertaketoupdateanyforwardlookingstatementsthatmaybemadefromtimetotimebyoronbehalfoftheCompany. The numbers & statements in this release are provisional in nature and couldmaterially change infuture,basedonanyrestatementsorregroupingofitemsetc.