JSW Steel, one of the country’s largest steel produce, on Friday, posted a threefold rise in its net profit for the first quarter of FY24. The company posted a net profit of Rs 2,428 crore for the June quarter of the fiscal year 2023-24 up from Rs 956 crore posted in the year-ago period. The company’s revenue from operations rose 11 per cent to Rs 41,771 crore, driven by volume growth. Total income also rose to Rs 42,544 crore from Rs 38,275 crore in the year-ago quarter.
JSW Steel is the flagship business of the diversified JSW Group, which has a presence in sectors such as energy, infrastructure, cement, paints, sports, and venture capital.
The country’s largest steel producers’ earnings before interest, tax, depreciation and amortization (EBITDA) margin stood at Rs 7,046 crore. EBITDA margins, a measure of a company’s operating profit as a percentage of its revenue, jumped almost 17 per cent. The company’s operating EBITDA jumped 63 per cent to Rs 7,046 crore as against Rs 4,309 crore posted in the year-ago period.
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As per the company’s exchange filing, the crude steel production was at 5.44 million tonnes, up 9 per cent compared to the same period last year. However, it was down 3 per cent compared to the Q4 of FY23, “due to certain planned maintenance shutdowns.”
The steel manufacturer also said that its 5 MTPA brownfield expansion at Vijayanagar is progressing well, with civil works underway at the site. “The construction activities of all packages are currently underway and equipment erection has commenced. The project is expected to be completed by end of FY24,” JSW said.
JSW Steel Coated Products Limited has also commissioned the colour-coated steel line of 0.25 MTPA at Rajpura in May. The colour-coated steel line of 0.12 MTPA in Jammu and Kashmir is expected to be completed in Q4 of FY24. The steel major also announced the appointment of Swayam Saurabh as the Chief Financial Officer of the firm.