JSW Steel Q3 Results: Profit surges 69% YoY to Rs 4,516 crore


NEW DELHI: on Friday reported a 69.20 per cent year-on-year (YoY) rise in consolidated net profit at Rs 4,516 crore for the December quarter compared with Rs 2,669 crore posted in the corresponding quarter last year.

The consolidated total income for the quarter climbed 73.70 per cent YoY to Rs 38,225 crore from Rs 22,006 crore in the same quarter last year.

Ebitda margin for the quarter under review came in at 24 per cent.

The company logged consolidated crude steel production of 5.21 million tonnes for the quarter. This excluded the production of JSW Ispat Special Products, its joint venture. Saleble steel sales stood at 4.63 million tonnes for the quarter, up 16 per cent sequentially, the company said.

JSW Steel said it registered a strong VASP (value-added & special products) volume, with it share in JSW Steel’s Indian operation rising to 62 per cent from 60 per cent in the September quarter and 57 per cent in the year-ago quarter.

Consolidated net debt to equity ratio, post the consolidation of BPSL, stood at 1.02 times at the end of December quarter from 0.92 times in September quarter. Net debt to Ebitda stood at 1.73 times against September quarter’s 1.58 times. “This is after incurring a capex of Rs 4,026 crore during the quarter and consolidation of BPSL,” JSW Steel said in a BSE filing.

The company said its 5 mpta brownfield expansion at Vijayanagar is progressing well, with civil work underway at the site. “Long-lead time items have been ordered, letter of credit established. The project is expected to be completed by FY24,” it said.

The downstream expansion project at Vijayanagar, Vasind and Tarapur are in advance stages of implementation, with several lines having been commissioned in the first nine months of FY22.

“The ongoing Omicron outbreak will affect growth and Q4FY22, especially services. However, manufacturing activity continues to be robust, and a strong bounceback is expected once the wave subsides,” the company said.

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