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Jindalstel 08092020173023 For The Nation, For The People Towards AtmaNirbhar Bharat self reliant india JINDAL STEEL & POWER LIMITED 2019-20 ANNUAL REPORT 1 STRATEGIC REPORTS Our Inspiration ......................................................................02 Our Guiding Light................................................................03 To view Chairman’s Insight ...............................................................04 Annual Report 2020 Online, Message from the Managing Director ....................06 visit: www.jindalsteelpower.com JSPL: A Snap Shot ................................................................08 Our Presence ..........................................................................10 Our Margin-Strong Product Portfolio .......................12 How we create value .........................................................14 Sustainability and responsibility at JSPL .................16 Forward- looking statements In this Annual Report, we have disclosed forward-looking information to enable investors to JSPL’S Response to Covid- 19 .......................................18 comprehend our prospects and take investment decisions. This report and other statements – Board of Directors ................................................................19 written and oral – that we periodically make contain forward-looking statements that set out anticipated results based on the management’s plans and assumptions. We have tried wherever 2 STATUTORY REPORTS possible to identify such statements by using words such as ‘anticipate’, ‘estimate’, ‘expects’, Management Discussion & Analysis .........................20 ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words of similar substance in connection with any discussion of future performance. We cannot guarantee that these forward-looking statements Board’s Report .......................................................................37 will be realised, although we believe we have been prudent in assumptions. The achievements Annexures to Board’s Report .........................................43 of results are subject to risks, uncertainties, and even inaccurate assumptions. Should known or unknown risks or uncertainties materialise, or should underlying assumptions prove inaccurate, Brief Profile of Directors .................................................105 actual results could vary materially from those anticipated, estimated, or projected. Readers Business Responsibility Report .................................109 should keep this in mind. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. 3 FINANCIAL STATEMENTS Standalone Financials.....................................................122 Disclaimer Consolidated Financials ................................................186 The Company is not liable with regard to any data/information appearing in this report, taken Form AOC-1 .........................................................................267 from public domain. Contributing Towards AtmaNirbhar Bharat Over the last five years, JSPL has undergone a strategic, operational and financial metamorphosis into a profitable and socially responsible organisation. The result: in our new avatar, we have entered into a new trajectory, which has enabled us to achieve operational and financial targets that were previously inconceivable. We are circling new orbits of exceptional performance and promising growth. As we take the next steps in our journey towards becoming a lean debt organisation, we continue to build our capacity utilisation efficiently; to expand our cost advantages even further; and assertively execute our sales and marketing initiatives. Through this focused approach, we aim to continuously strengthen our product portfolio, our price competitiveness and our market reach. Our confident view of the future is testimony to a strong turnaround plan, dedicated people and a firm commitment from the Company’s leaders. We now enter the new decade with a heightened sense of purpose to re- imagine how steel and power can continue to serve our nation, help to create Aatmanirbhar Bharat, and so create a new wave of long-term value for all our stakeholders. 2 Strategic Reports Jindal Steel & Power Limited Annual Report 2020 OUR INSPIRATION As a visionary of outstanding integrity, dynamism, and embodiment of India- first philosophy, who succeeded in every endeavour he undertook, Shri O. P. Jindal was also a well-known Shri Om Prakash Jindal, philanthropist. In his lifetime, he channeled Founder Chairman his energies into building a professional organisation for modern India. A messiah of change, he spread smiles and hopes wherever he went. He believed that growth should be inclusive, and made it his life’s mission to uplift the underprivileged sections Shri O. P. Jindal lived his life with the of the society. He built an organisation that belief that meaningful change in society went beyond business, creating sustainable value for the community at large. He left requires working upwards, from the behind millions of smiles and a great legacy bottom. By uplifting the weaker section of of value and inspiration. At JSPL, we deeply cherish his memories, and are committed to society, he believed that our society and carrying his legacy forward. country could achieve the impossible. Almost half a century ago, he dreamt of a self-reliant India. Jindal Steel & Power Limited Annual Report 2020 3 OUR GUIDING LIGHT Smt. Savitri Jindal, Chairperson Emeritus An outstanding personality with strong values, Smt. Savitri Jindal is committed Smt. Savitri Jindal finds life’s biggest towards taking forward the values of contentment in seeing our Founder our Founder Chairman. We, at JSPL, Chairman’s dream transforming into living reality. With new pride every day, she sees are inspired by her humane approach JSPL spreading hope across the country with its welfare initiatives. She believes in to entrepreneurship, which is clearly aligning business priorities with meaningful evident in her efforts to provide healthcare social intervention, creating a framework for enduring value creation. An astute leader, facilities, education and employability to she guides the ever-growing Group as it those in need. navigates diverse streams to strengthen its position as a transnational conglomerate. She motivates the Group to follow the values of ethical corporate governance close to our Founder Chairman’s heart. She provides guidance and inspiration to us to reach greater heights of glory. Smt. Jindal remains the driving force behind JSPL’s global pre- eminence in value creation, not just for the shareholders, but also for the entire stakeholder ecosystem, with communities being its integral part. 4 Strategic Reports Jindal Steel & Power Limited Annual Report 2020 CHAIRMAN’S INSIGHT and we are excited to see what we can achieve together in the years to come. Notwithstanding an economic slowdown, and Covid-19 pandemic- induced disruptions, for the first time in the last 6 years, during FY2020, we have been able to report a profit after tax of `617.67 crores, on standalone basis. This addition to our bottom-line is a resounding validation of our strong turnaround strategy put into action over the past five years, and implemented meticulously by an experienced and committed team of professionals. Significantly, not only have we recorded the “best-ever” production levels across the board, our steel production during FY2020 has grown by more than 12% on a consolidated basis, and by more than 13% on a standalone basis, in comparison with the previous financial year. This is especially commendable as we have been able to increase our steel production levels despite the disruptions of Covid-19. In contrast, the industry has reported a drop in steel production levels for FY2020. We are obviously doing some things differently than the rest of the industry. In Naveen Jindal Chairman one word, our Mantra has been “Focus”! Since 2015, we have been practising “Theory of Constraints” (TOC) which Dear Shareholders, has helped us immensely in picking the right metrics to run our operations and Greetings. evolve strategies. In 2018 we embraced “Extreme Ownership” to empower our This fiscal year, JSPL, as an organisation, ` 30,116 crore leaders to take charge of their “metrics has been able to demonstrate what we of importance”. Similarly in 2020 we have Standalone Gross can achieve by focusing on operational brought in the concept of “The One Thing” Revenue excellence, adopting capital prudence to further align & sharpen the focus of our across the board, and leveraging our top 600 executives to prioritise their time experienced and capable team. We have crore and energy on the 20 per cent of tasks/ ` 5,777 come a long way in the last 30 years. Standalone EBITDA strategies that would give us 80 per cent of results on the enhanced targets. From being a 0.3 MTPA DRI plant at Raigarh in 1989, to a conglomerate with ` 618 crores We are happy to report that during a multi-location global portfolio of Steel, Standalone PAT FY2020, our standalone steel sales rose Power and Mining assets, we continue by 12 per cent on a y-o-y basis. We to march steadfastly on the path shown also reported standalone EBITDA at Rs. by Shri O P Jindal, our visionary founder 5,777 crore for the same period. On a Chairman and guiding light. We would consolidated basis, JSPL also achieved like to thank you for your support so far consolidated Steel Production
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