JSW Steel Q1 Results: Net profit soars 179% on year to ₹ ₹2,338 crore
JSW Steel Ltd on Friday reported an 179% year-on-year rise in its consolidated net profit (attributable to owners of the company) for the fiscal's first quarter ended June (Q1FY24) to ₹2,338 crore. The company had reported a profit of ₹838 crore in the year-ago period. Sequentially, consolidated net profit was down 36% from ₹3,664 crore in Q4FY23.
JSW Steel shares opened at ₹795.05 apiece on BSE. The stock touched a new 52-week high on Friday's session. The company's consolidated total revenue from operations rose 10.8% on year to ₹42,213 crores during the quarter ended June from ₹38,086 crore in Q1FY23. Total income rose to ₹42,544 crore in the first quarter.
It stood at ₹38,275 crore in the year-ago period. The company reported operational EBITDA of ₹7,046 crores with an EBITDA margin of 16.7%. Lower sales volumes, higher iron ore costs, somewhat offset by marginally higher realisations due to higher export prices, and higher EBITDA from the foreign operations were the causes of the QoQ decline in EBITDA, the company said in an exchange filing. Additionally, according to the company, its consolidated Net Gearing (Net Debt to Equity) was 0.96x at the end of the quarter (as opposed to 0.89x at the end of Q4 FY23) and its Net Debt to EBITDA was 3.14x.
In the quarter, higher working capital was the primary factor in the Net Debt rising to ₹66,797 crores. According to the company's filing, the consolidated crude steel production for the quarter (Q1FY24) was 6.43 million tonnes, up 11% year over year and down 2% sequentially. The average capacity utilisation for the first quarter of FY24 was 92%, down from 96% in the fourth quarter of FY23, as a result of the company having implemented a few scheduled shutdowns at its
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