JSW Steel sees highest-ever sales volume in FY24, guides for further growth
JSW Steel has guided for further growth in its sales volume in the current fiscal after its consolidated steel sales were at an all-time high of 24.78 million tonne in 2023-24 (Apr-Mar), up 11% as compared to the previous year.
The country’s largest steel-maker has guided for consolidated steel production of 28.40 million tonne, and saleable steel sales of 27 million tonne this year.
“Rising utilisation levels and healthy balance sheets are expected to boost private capex, with investments in energy transition and the government’s Production-Linked Incentive scheme adding tailwinds,” the company said in its outlook. “The outlook for both public and private housing, as well as the auto sector, remains favourable”.
The company’s revenue from operations was also at an all-time high of 1.75 lakh crore during the year, while net profit more than doubled to Rs 8,973 crore. The robust bottomline for the year came despite the March quarter seeing a sharp 65% drop in net profit to Rs 1,299 crore.
While consolidated steel sales rose as compared to the previous year, the company’s sales in India were lower on both a sequential and year-on-year basis because of elevated imports, the company said in a statement. It, meanwhile, ramped up exports to 20% of sales from India, liquidating its inventory given the restocking demand in global markets.
Consolidated sales for the March quarter fell a marginal 1% on year to Rs 46,269 crore, while operating profit of Rs 6,124 crore was down by nearly a fourth on year, hit by higher
