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JSW steel reports highest quarterly profit at Rs7,179 crore

MUMBAI :

JSW Steel Ltd, the flagship business of the diversified JSW Group, reported a 350% year-on-year (YoY) jump in consolidated net profit to post its highest quarterly profit of Rs7,179 crore for the second quarter ending 30 September.

In the corresponding quarter last year, the company posted a net profit of ₹1,595 crore.

The company also reported its highest-ever quarterly revenue from operations at ₹32,503 crore for the quarter, against ₹19,264 crore in the corresponding period of last year.

It also registered its highest-ever consolidated operating profit or Ebitda for the September quarter at Rs10,417 crore with an Ebitda margin of 32%. The company’s expenses stood at ₹24,261 crore against ₹16,958 crore a year ago while the average capacity utilisation was 91%.

The company also commissioned its 5 mtpa (million tonnes per annum) brownfield expansion at Dolvi, which comprises one of India’s largest blast furnaces and steel melt shops (SMS) with two converters of 350 tonne each, it said in a press statement.

The new SMS is equipped with state-of-the-art energy recovery systems to reduce carbon emission intensity, the company said.

Shares of JSW Steel ended at ₹673.45, down by ₹11.90, or 1.74 % on the BSE. The results came after the close of the market hours.

During the quarter, the company saw its cost of raw material surging 48% year-on-year to Rs. 12,329 crore, a reflection of  the impact of the ongoing commodity inflation in the global economy.

The company said that it spent Rs. 3,639 crore as capital expenditure in the September quarter as against planned expenditure of Rs. 18,240 crore for the financial year.

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