Jindal Drilling & Industries Limited Q1 FY25 Earnings Conference Call Summary
Key Financial Highlights
• Revenue Increase: 86% increase compared to Q1 FY24.
• EBITDA Decline: 7% decrease in EBITDA.
• Quarterly Revenue Decrease: 12% drop from the previous quarter due to operating four rigs instead of five.
Future Expectations
• Rig Redeployment: Anticipated earnings improvement in FY25 with the redeployment of Jindal Supreme and acquisition of Jindal Pioneer (pending regulatory approval).
• Financial Position: Strong net cash position of Rs. 68 crores as of June 30, 2024.
Contract Assignments and Revenue Clarifications
• Joint Venture Contract Delay: Assignment of a contract from a JV company delayed for over three months.
• Revenue Consolidation: Currently consolidating 50% of revenue from the rig; full assignment will increase revenue share to 100% but profit will still be consolidated below the line.
Rig Performance
• Jindal Pioneer Rig: Operating at a day rate of $40,000, significantly contributing to EBITDA.
• Jindal Supreme Rig: Set for refurbishment and redeployment in Q3 FY25 at a higher day rate of $88,859.
Order Book and Market Outlook
• Order Book Value: Rs. 2000 crores with EBITDA margins typically between 30% to 35%.
• International Demand: High day rates and increasing demand for rigs, particularly from ONGC.
Joint Venture Insights
• Profit Normalization: High profit from the JV attributed to normalization after a previous quarter's impairment.
• Normalized Run Rate: Approximately Rs. 40 crores per quarter, subject to exchange rate fluctuations.
Impairment and Strategy Discussion
• Impairment Impact: Significant impairment affected earnings; improvements noted in Jindal Pioneer and Virtue-1.
• Virtue JV Repricing: Repriced from $40,000 to $80,000 per day, contributing to projected Rs. 40 crore profit per quarter.
• Focus on Long-term Contracts: Strategy emphasizes long-term contracts with ONGC over shorter contracts with private players.
Conclusion
• Ongoing Arbitration: No updates provided on ongoing arbitration with ONGC.

Jindal Drilling & Industries Limited Q4 FY24 Earnings Conference Call Summary
Key Financial Highlights
• Q4 FY24 Performance:
• Revenue increased by 94% compared to Q4 FY23.
• EBITDA rose by 29%.
• PAT increased by approximately 80%.
• EBITDA declined by 11% compared to Q3 FY24 due to a one-time settlement with ONGC.
• FY24 Overview:
• Revenue growth of 16%.
• EBITDA growth of 14%.
• PAT growth of 2%.
Strategic Developments
• Acquisition Plans:
• Final stages of acquiring Rig Jindal Pioneer, expected to enhance earnings.
• Agreed purchase price for Jindal Pioneer is $75 million, reflecting an impairment due to market value discrepancies.
• Order Book:
• Current order book stands at approximately $251 million.
• Anticipation of improved performance in FY25 with higher rig deployment rates.
Q&A Session Insights
• EBITDA Trajectory:
• Lower earnings expected in the first two quarters of FY25 due to de-hiring of Jindal Supreme rig.
• Jindal Pioneer acquisition could positively impact earnings if completed on time.
• Financial Clarifications:
• Loans to joint ventures and refurbishment expenses discussed.
• ONGC's strong demand for rigs confirmed despite recent contract cancellations.
• Contribution to EBITDA:
• Over 90% of EBITDA derived from the rig segment.
• Mud Logging and Direction Drilling Services contributions noted.
• Normalized EBITDA Figures:
• Q4 normalized EBITDA around Rs. 55 crores; Q3 approximately Rs. 63 crores, affected by one-time expenses.
Market Outlook
• Rig Demand:
• Stable demand for rigs anticipated, with expectations of increased rig count due to rising exploration targets.
• International market fluctuations addressed, with optimism about maintaining higher prices.
• New Rig Construction:
• Delivery timelines for new orders currently at 2.5 to 3 years, with costs ranging from $270 to $300 million.
Additional Discussions
• Jindal Pioneer Rig Contract:
• Current contract generating $35,000 per day, increasing to $40,000 per day in January 2025.
• Financing and Cash Flow:
• No new debt expected for the $45 million refurbishment outflow; sufficient cash flows from existing rigs.
• Market Stability:
• Rare significant market fluctuations noted, with a commitment to enhancing operations and increasing rig fleet in response to favorable market conditions.
• Promoter Stake:
• Increase in promoter stake in Q4 FY24, expected to be positively received by shareholders.
Conclusion
• The call concluded with gratitude to participants and a commitment to operational enhancement and shareholder engagement.

Jindal Drilling & Industries Limited Earnings Conference Call Summary
Conference Call Details
• Date: February 5, 2024
• Earnings Call Date: January 31, 2024
• Key Management: Raghav Jindal (Managing Director), Kaushal Bengani (Deputy General Manager)
Company Performance Highlights
• Became the largest Indian operator of offshore jackup rigs with five deployed rigs, including Rig Virtue I.
• Revenue increased by 30% and EBITDA by 22% compared to Q3 FY23.
• Order book valued at approximately INR 2,300 crores.
• Management anticipates improved EBITDA margins despite one-time operating expenses.
Financial Insights
• Equity from joint ventures consolidated with standalone accounts, no change in consolidated revenue.
• Increased operational expenses due to rig rentals and refurbishment costs.
• Reported profit of INR 32 crores, expected to normalize to INR 38-40 crores post one-off expenses.
• Jindal Supreme rig scheduled for dry docking in April 2024, with redeployment in November.
Future Opportunities
• Potential rigs in Mexico and return of Jindal Pioneer in 2025.
• Anticipation of higher revenue in Q4 due to full rig deployment.
Q&A Highlights
• Joint venture profitability confirmed by Kaushal Bengani.
• Raghav Jindal assured longevity of Jindal Supreme rig with ongoing upgrades.
• Plans for debt repayment and new rig acquisitions discussed.
• Operating expenses for Virtue I rig expected to rise next quarter.
• Spot rig rates anticipated to increase due to demand.
Closing Remarks
• Kaushal Bengani emphasized commitment to value creation and a new contract with ONGC.
• Raghav Jindal expressed gratitude to investors and a positive outlook for the company and oil sector.
• Conference concluded with thanks to participants and organizers.

Jindal Drilling & Industries Limited Q2 FY24 Earnings Call Summary
Key Highlights
• Date of Call: November 3, 2023
• Hosted by: PhillipCapital
• Key Management: Raghav Jindal (Managing Director), Kaushal Bengani (DGM)
Financial Performance
• Revenue Increase: 51% compared to Q1 FY24
• Profit After Tax Rise: 55% attributed to new rig deployments
• Operational Efficiency: Largest Indian offshore drilling contractor for ONGC with five operational jack-up rigs
Strategic Goals
• Maintain EBITDA Margins: Focus on strong margins and debt reduction
• Future Performance: Optimism for continued improvement in upcoming quarters
Market Insights
• High Demand: Global drilling market experiencing high demand and rig shortages
• Geopolitical Factors: Contributing to higher oil prices and rig rates
• Opportunities in India: ONGC facing rig availability shortfalls
Rig Management and Acquisitions
• Current Rig Rates: Favorable but confidential due to ongoing tender processes
• Exploration of Acquisitions: Focus on older rigs aligned with ONGC's needs
• Fleet Expansion: Potential addition of 2-3 rigs dependent on ONGC's tender terms
Financial Clarifications
• Decrease in Other Income: From 18 crores to 8 crores due to reduced foreign exchange fluctuations
• Impact of Fleet Age: Older rigs may see reduced charter rates by USD 5,000 to USD 6,000
Joint Ventures and Strategic Decisions
• Ownership Structure: 49% stake in joint ventures for low-cost financing
• High Capital Costs: New rigs estimated at USD 250 million; existing rigs like Jindal Explorer also costly
Closing Remarks
• Stable Income: Firm contracts with ONGC ensure income stability
• Optimism for Future: Management expresses gratitude to shareholders and a hopeful outlook for fleet expansion and performance improvement.