JSW Steel posts 11% on-year growth in steel production during Q1FY24

financialexpress.com:

JSW Steel, on Thursday, posted its fiscal first quarter results for the financial year 2023-24 with 11 per cent on-year growth in consolidated crude steel production at 6.43 million tonnes (MT) as against 5.77 MT in the April-June quarter of last year, the company said in a regulatory filing. However, on a quarterly basis, steel production fell by 2 per cent in comparison to 6.58 MT output in the fourth quarter of FY23. 

 JSW Steel posted combined production of 6.61 MT with India operations recording production at 6.19 MT and its USA-Ohio operations at 0.24 MT output during the quarter. 

During the previous quarter (Q4FY23),JSW Steel posted profit at Rs 3,741 crore, up 11.9 per cent in comparison to Rs 3,343 crore in the same quarter last year, beating estimates. It had posted revenue from operations at Rs 46,962 crore as against Rs 46,895 crore in the corresponding quarter last year. The Board had also recommended  a final dividend of Rs 3.40 (340 per cent) per fully paid-up equity share of Re1 each for the year ended March 2023. 

JSW Steel is the flagship business of the diversified, $23 billion JSW Group which has interests in energy, infrastructure, cement, paints, sports, and venture capital. Over the last three decades, it has grown from a single manufacturing unit to become a leading integrated steel company with a capacity of 29.7 MTPA in India and the USA (including capacities under joint control). Its next phase of growth in India will take its total capacity to 38.5 MTPA by FY25.