Loading prices...

Register/Sign in
ScrapMonster
Steel News July 21, 2023 04:40:28 PM

JSW Steel Q1 Results: PAT Surges 189% YoY to Rs 2,428 crore; Revenue up 11%

Paul Ploumis
ScrapMonster Author
Consolidated crude steel production for the quarter stood at 6.43 million tonnes, higher by 11% YoY and lower by 2% QoQ.

JSW Steel Q1 Results: PAT Surges 189% YoY to Rs 2,428 crore; Revenue up 11%

SEATTLE (Scrap Monster): JSW Steel on Friday reported a net profit of Rs 2,428 crore for the quarter ended June, which was 189% higher than Rs 839 crore posted in the same quarter last fiscal.

The revenue from operations stood at Rs 42,213 crore and was up 11% year-on-year (YoY) from Rs 38,086 crore reported by the company in the June quarter of the last financial year.

The operating EBITDA for the said quarter stood at Rs 7,046 crore while EBITDA margin came in at 16.7% which was lower quarter-on-quarter (QoQ) and stood at 16.91% for Q4FY23.

The QoQ fall in EBITDA was attributable to lower sales volumes, higher cost of iron ore partially offset by marginal increase in realisations on the back of higher export prices, and higher EBITDA from the overseas operations.

The company’s consolidated net gearing (net debt to equity) stood at 0.96 times at the end of the quarter versus 0.89 times at the end of Q4FY23. The net debt to EBITDA stood at 3.14 times versus 3.20 times at the end of Q4FY23, the exchange filing said.

Consolidated crude steel production for the quarter stood at 6.43 million tonnes, higher by 11% YoY and lower by 2% QoQ. The company had taken certain scheduled shutdowns at Indian operations during the quarter, hence the average capacity utilisation for Q1FY24 was 92% compared to 96% in Q4FY23, the exchange filing said.

Steel Sales for the quarter stood at 5.71 million tonnes, higher by 27% YoY and lower by 13% QoQ, impacted by channel destocking, with exports also being impacted by delayed loading due to the cyclone on the western coast of India towards the end of the quarter.

"India is favourably placed to secure new manufacturing investments as global supply chains realign. Increase in offshoring and global capability centres (GCCs) being set up by multinational corporations and banks is a further positive for new employment generation as well as real estate and consumption," the company said.

"Healthy tax collections and lower energy prices are supportive for continued productive investments by the government in infrastructure and for providing incentives for new manufacturing facilities via the PLI scheme. Defence indigenisation is another area with significant potential," it said further.

Though uneven monsoon and global slowdown are key risks for the Indian economy, it said.

Courtesy: www.economictimes.com

 

×

Quick Search

Advanced Search