With a profit of Rs7,179 crore, JSW Steel has the most significant quarterly profit in the industry
The business has reported its highest-ever quarterly income from operations of Rs32,503 crore, compared to Rs19,264 crore in the previous quarter.
Mumbai: JSW Steel Ltd, the flagship company of the diverse JSW Group, announced a 350 percent year-on-year (YoY) increase in consolidated net profit for the second quarter ended September 30, posting its highest quarterly profit Rs7,179 crore.
The business had a net profit of 1,595 crores in the same period the previous year.
In addition, the business recorded its highest-ever quarterly revenue from operations of 32,503 crores, up to 19,264 crores in the previous quarter.
It also reported its highest-ever consolidated operating profit or Ebitda of Rs10,417 crore for the September quarter, with an Ebitda margin of 32%. The company’s costs increased to 24,261 crores from 16,958 crores the previous year, with average capacity utilization of 91 percent.
In a news release, the firm also announced the completion of its five mtpa (million tonnes per year) brownfield expansion at Dolvi, which includes one of India’s most giant blast furnaces and two 350-tonne converters.
The firm’s new SMS is equipped with state-of-the-art energy recovery technology to minimize carbon emission intensity.
JSW Steel’s stock closed at 673.45, down 11.90 percent, or 1.74 percent, on the BSE. The findings were released after the market had closed for the day.
The company’s cost of raw materials increased by 48 percent year over year to Rs. 12,329 crore during the quarter, reflecting the global economy’s continued commodity inflation.
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