Conference Call Details
• Date: August 2, 2024
• Event: Transcript of investor conference call held on July 30, 2024
• Focus: Unaudited financial results for Q1 FY25 (ending June 30, 2024)
• Participants:
• Neeraj Kumar (Group CEO)
• Narendra Mantri (CFO)
• Vikash Singh (Moderator from PhillipCapital)
• Availability: Transcript accessible on the company's website
Financial Performance Highlights
• Standalone Revenue: Increased by 15% to Rs. 4,417 crores
• EBITDA: Rose by 37% to Rs. 842 crores
• PAT: Grew by 60% to Rs. 446 crores
• Consolidated Results:
• Revenue: Rs. 4,985 crores
• EBITDA: Rs. 885 crores
• PAT: Rs. 416 crores
• Strategic Focus: Shift towards value-added products, strong order book in the water sector (70% of business)
Key Insights from Management
• Confidence in growth due to government infrastructure spending
• UAE subsidiary focuses solely on water sector
• Stability in demand for SAW pipes linked to government project funding
Export Business and Capital Management
• Export Ratio: 70% water sector, 30% oil and gas
• Current Strategy: Conserving capital, no new CAPEX projects announced
• Raw Material Pricing: Securing coking coal shipments, managing steel procurement project-wise
Segment Performance and Market Opportunities
• Stainless Steel Segment: Expected sales of 20,000 to 25,000 metric tons this year
• OCTG Market: Industry imports around $200 million annually; goal for self-sufficiency in India
• Pricing Variability: Dependent on tender changes and product mix
Capacity Expansion and Order Book
• Sathavahana Demand: Operating at over 2 lakh tons, plans to increase capacity to 2.5 lakh tons next year
• Current Order Book: $1.6 billion (~16 lakh tons)
• Export Capabilities: Reaching markets like Norway and Australia, with expectations to dispatch over 2 lakh tons this year
Pricing Strategy and Conclusion
• Pricing Strategy: Based on raw material costs and strategic considerations
• Commitment: Assurance of value creation for stakeholders

Communication Details
• Date: May 10, 2024
• Transcript of investor call held on May 8, 2024, shared with the National Stock Exchange of India.
• Participants included Group CEO, CFO, and key management.
• Transcript available on the company's website.
• Signed by Sunil Kumar Jain, Company Secretary.
Financial Performance Highlights
• Standalone revenue: ₹18,233 crores.
• Significant increases in EBITDA, PBT, and PAT year-over-year.
• Consolidated figures: Jindal Saw contributed 85% of revenue and 98.75% of profit.
• Streamlined subsidiaries focusing on three major ones.
• Order book valued at $1.5 billion.
• Plans to prepay a ₹1,000 crore loan to reduce debt.
Strategic Focus
• Emphasis on India's manufacturing ambitions and proactive adaptation.
• Board approval for potential fundraising, but no immediate plans.
• Focus on mergers, acquisitions, capacity expansion, and new markets.
• Positive industry outlook, particularly in industrial, water, and oil and gas sectors.
Q&A Session Insights
• Addressed concerns about declining sales volumes in the UAE, attributed to external factors.
• Confidence in managing competition and production costs.
• Expected stabilization in seamless pipe sales and modest growth projections (10-15%).
• Strong working capital management; no immediate M&A plans.
• Minimal impact anticipated from U.S. elections and international conflicts.
Market Opportunities
• Increased demand for Oil Country Tubular Goods (OCTG) in India.
• Optimism for performance in Abu Dhabi with a full order book.
• Strong demand for helical saw pipes in Gulf and MENA regions.
• Limited U.S. market opportunities; potential in Europe for seamless and ductile iron pipes.
• Projected capital expenditure budget for FY25: ₹500-600 crores.
Conclusion
• Neeraj Kumar expressed gratitude to investors and encouraged further inquiries.
• Commitment to creating value for stakeholders emphasized.
• Conference call officially concluded with thanks to participants.

Conference Call Details
• Date: January 17, 2024
• Communication to stock exchanges on January 19, 2024
• Key Participants:
• Group CEO Neeraj Kumar
• Moderator: Vikash Singh (PhillipCapital India Private Limited)
• Transcript available on the company's website
Financial Performance
• Best Quarterly Results:
• Standalone Revenue: INR 4,786 crores
• EBITDA: INR 890 crores (up from 12.9% to 18.6%)
• PAT: INR 452 crores
• Consolidated Results:
• EBITDA: INR 1,030 crores
• PAT: INR 512 crores
• Income Sources:
• 68% from water sector
• 28% from oil and gas
• Domestic-export ratio: 60%-40%
• Debt Management:
• Net debt decreased post-M&A activities
Future Plans and Opportunities
• Focus on capacity enhancements at Sathavahana facility and Nashik for seamless pipes
• Preparation for hydrogen transportation opportunities
• Anticipated growth in oil and gas and water sectors due to ongoing projects and government initiatives
Legal Matters and Joint Ventures
• Positive outlook on legal matters with NTPC
• Update on Jindal Hunting Joint Venture:
• API audit completed, license expected soon
• Commercial operations projected for FY 2024-2025
• Independent financials to avoid negative impact on other subsidiaries
Market Insights
• Clarification on export operations to Saudi Arabia amidst regional tensions
• Planned INR 1,000 crore Qualified Institutional Placement (QIP) for balance sheet strengthening
• Joint venture with Hunting Oil expected to generate significant revenue (up to $100 million)
Sector Focus and Capacity
• Emphasis on seamless products for oil, gas, and water transportation
• Strong performance from Abu Dhabi facility for ductile iron pipes
• Order book: Approximately 14 lakh tons (~$1.45 billion in domestic orders)
Competitive Landscape
• Assurance of product quality superiority over Chinese competitors
• Revenue sector bifurcation: 68% water, 28% oil and gas, 4-5% industrial
• Export demand primarily from MENA region
Conclusion
• Optimism for future performance and gratitude for stakeholder support expressed by Neeraj Kumar.

Communication Details
• Date of communication: October 31, 2023
• Transcript availability: On the company's website
• Key personnel: Group CEO Neeraj Kumar and executives
• Signed by: Sunil Kumar Jain, Company Secretary
Financial Performance Highlights
• Q2 FY24 top line: INR 4,611 crores
• Year-on-year growth:
• Revenue: 20%
• EBITDA: 22%
• PBT: 26%
• Outlook: "Breakaway year" with sustained demand expected over 12-24 months
• Order book: $1.4 billion, strategically balanced to mitigate delivery risks
• Financial management: Stable debt levels, upgraded credit rating of AA
Market Positioning and Strategy
• Focus on oil and gas sectors benefiting from geopolitical factors
• Export revenue projected at 30%-40%
• No significant new investments or acquisitions planned; focus on cash conservation for debt repayment and shareholder returns
Working Capital and Geopolitical Impact
• Working capital utilization stable despite revenue growth
• Minimal operational impact from Middle East conflict; strong demand anticipated as Europe seeks alternatives
• Positive separation between Indian and Chinese markets
Product Demand and Joint Ventures
• Strong demand across sectors: water, oil and gas, industrial applications
• New joint venture expected to produce 50,000-70,000 metric tons annually
• Key states investing in water infrastructure: Rajasthan, Uttar Pradesh, Gujarat
Financial Metrics and Cost Management
• Improved overall EBITDA margin: 16%
• Hedging strategies in place to manage rising coking coal prices
• Capacity utilization currently at 60-70%, expected to increase to 80-90%
Capital Allocation and Order Book Strategy
• Current capital expenditures focused on maintenance and upgrades
• No new projects or mergers planned
• Healthy sales funnel supports growth without compromising order levels
Future Growth Expectations
• Potential order book increase from $1.4 billion to $2.5-$3.5 billion in the next 3-4 years
• Pipe industry growth expected at 10%-15% annually
• Confidence in favorable market conditions for the next 18-24 months
Closing Remarks
• Neeraj Kumar expressed gratitude to stakeholders and confidence in the company's fundamentals and growth potential.

Key Financial Highlights
• Top Line Revenue:
• Q1 FY24: INR 3,831 crores (down from INR 4,676 crores in Q4 FY23, up from INR 3,019 crores YoY)
• EBITDA:
• Q1 FY24: INR 615 crores (down from INR 673 crores in Q4 FY23)
• EBITDA Margin:
• Improved to around 16%
Strategic Organizational Changes
• Consolidation of Product Segments:
• Three distinct market segments: water, oil and gas, and others (including power)
• New Reporting Structure:
• Revenue reported separately for pipes, pellets, and other small businesses
Sales Performance and Order Book
• Pipe Sales:
• 3.68 lakh tons for the quarter
• Order Book Composition:
• 70-75% from the water segment, 20-25% from oil and gas
Capital Expenditures and Debt Management
• Ongoing Capital Expenditures:
• Focus on efficiency improvements and free cash flow generation
• Long-term Debt:
• Increased due to Sathavahana acquisition, manageable repayment pressures
Market Outlook and Strategic Direction
• Positive Outlook:
• Confidence in operational performance and strategic direction
• Infrastructure Spending:
• Anticipated increase due to upcoming election year
Shareholder Engagement
• Improved Shareholder Profile:
• New investors responding positively to fundamental strengths
Q&A Highlights
• Asset Useful Life:
• Normal operational life similar to other facilities
• Gross Margins:
• Current EBITDA margin stable at around 16%
• Revenue Cyclicality:
• Q4 typically sees higher revenues due to government budget allocations
• Tax Advantages:
• Tax breaks from the merger with Sathavahana being finalized
Closing Remarks
• Gratitude to Shareholders:
• Emphasis on addressing legacy and operational issues, optimism for future performance.

Communication Overview
• Date: May 22, 2023
• Transcript of Q4 FY23 earnings call held on May 18, 2023, shared with BSE and NSE.
• Key personnel: Neeraj Kumar (Group CEO), Narendra Mantri (CFO), moderated by Vikash Singh (PhillipCapital).
• Transcript available on the company's website.
• Signed by Sunil Kumar Jain (Company Secretary).
Key Highlights from the Call
• Gratitude and Acknowledgment
• Neeraj Kumar thanked stakeholders for support and patience.
• Positive outcomes from board and audit committee meetings noted.
• Financial Performance
• Record standalone revenue: Rs. 15,703 crores.
• EBITDA: Rs. 1,630 crores, showing significant growth.
• Strong performance in Q4 FY23, indicating a positive trend.
• Business Model and Strategy
• Emphasis on robust business model and sustainable growth strategy.
• Healthy order book of $1.4 billion and reduced debt levels.
• Successful acquisition of Sathavahana to enhance water segment capacity.
Supply Chain and Market Outlook
• Stabilization in supply chain, particularly ocean freight.
• Confidence in continued positive outcomes from strategic decisions.
Q&A Session Insights
• Domestic Opportunities
• High demand expected in oil & gas and water segments due to government initiatives.
• Sathavahana Assets
• Efficient operation and high capacity utilization expected.
• Commodity Prices Impact
• Expected improvement in EBITDA margins with corrected commodity prices.
• Capacity Utilization
• Various units operating near or at capacity; growth anticipated.
• Debt Reduction Plans
• Steady long-term debt repayment strategy projected at Rs. 300 crores annually.
• Joint Venture Prospects
• Upcoming Jindal-Hunting joint venture expected to establish a center of excellence in the OCTG market.
Conclusion
• Neeraj Kumar expressed confidence in Jindal SAW's business model and growth potential.
• Commitment to creating shareholder value and anticipation of further updates in the next quarterly results.

Communication Details
• Date: February 1, 2023
• Transcript available on the company's website
• Key personnel: Group CEO Neeraj Kumar, moderated by Vikash Singh from PhillipCapital India
• Signed by: Sunil Kumar Jain, Company Secretary
Financial Performance Highlights
• Turnover: INR 4,641 crores (38% and 63% growth)
• Adjusted EBITDA: INR 485 crores (61% and 140% increase)
• Consolidated results: Top line of INR 5,202 crores, EBITDA of INR 539 crores
• Net debt reduced to INR 1,200 crores
• Healthy order book: Approximately $1.3 billion
Strategic Focus and Market Positioning
• Emphasis on domestic market resilience against global recession
• Reduction in raw material price volatility
• Anticipated government support for infrastructure projects
• Ongoing trials for a joint venture with Hunting
Order Pipeline and Projects
• Significant portion of order book related to oil and gas ($94 million)
• Full capacity operation for the Jal Jeevan project
• NEOM project: Awaiting advance payment, execution expected in 12-15 months
EBITDA and Growth Outlook
• Projected EBITDA margins above 14% in Q2 FY '24
• Healthy growth outlook without specific numbers provided
• No major capital expenditure plans, but potential future projects in steel production
Product Development and Innovations
• Shift towards value-added and premium products
• Introduction of new products: double chamber pipes, instrumentation tubes
• Healthy order book across all segments with growth expectations for FY '24
Financial Management and Non-Core Assets
• Effective management of working capital leading to reduced finance costs
• Cleaned up balance sheet post-demerger of Waste to Wealth business
• No significant non-core assets remaining
Conclusion
• Optimism expressed for future performance and gratitude to stakeholders.