JSW Steel reports Rs 2,760 crore net profit on the back of higher sales
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JSW Steel on Friday reported a consolidated net profit of Rs 2,760 crore in the July to September quarter (Q2FY24) on the back of higher sales and lower coking coal costs. In the year-ago period, it had recorded a net loss of Rs 848 crore.
Revenue on a consolidated basis in Q2FY24 at Rs 43,834 crore was higher by 6.64 per cent year-on-year (Y-o-Y). The numbers beat expectations on revenue and profit.
The Bloomberg consensus estimate for revenue was Rs 42,539.9 crore and net income adjusted Rs 2,418.6 crore. Sequentially, revenue was up 4.93 per cent and net profit 18.04 per cent.
The company benefited from lower coking coal prices on a Y-o-Y basis at Indian operations even as net sales realisation was down by 4 per cent. Steel sales for the quarter stood at 6.34 million tonnes (mt), higher by 10 per cent
Y-o-Y. For the quarter, there was also an exceptional gain of Rs 589 crore.
Among the Indian subsidiaries, Bhushan Power & Steel posted a profit after tax (PAT) of Rs 210 crore for the quarter, while JSW Steel Coated Products (consolidated) recorded a PAT of Rs 113 crore. Among the overseas subsidiaries, JSW Steel Ohio reported an Ebitda loss of $29.4 million.
The company said that capex spend during Q2FY24 in India was Rs 3,701 crore and consolidated Rs 3,816 crore. During H1FY24, capex spend in India was Rs 7,795 crore and consolidated Rs 7,996 crore, against the planned capex spend of Rs 18,800 crore in India and Rs 20,000 crore consolidated for FY24.
The company said that the festive season demand was shaping up well with healthy growth in consumption.
"Auto and residential real estate sectors are witnessing robust demand growth. Green shoots are visible in the rural economy, with positive traction in two-wheeler (2W) demand and fast-moving consumer goods (FMCG) sales, even as the effects of an uneven monsoon remain a monitorable."
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