JSW Steel slashes its capex plan for FY25 by up to ₹4k cr; co defers Vijayanagar blast furnace-3 expansion
JSW Steel will cut down its capital expenditure in the current fiscal by ₹3,000-4,000 crore as it postpones the expansion planned for its blast furnace-3 at Vijayanagar to next year, and has transferred its slurry pipeline to JSW Infrastructure.
India’s largest steel manufacturer will be spending ₹16,000 – 17,000 crore on capex this year as against ₹20,000 crore it had planned earlier, chief executive officer Jayant Acharya said.
In July, JSW Steel transferred its slurry pipeline, which is currently under development, in Odisha to group company JSW Infra, effectively reducing its capex outgo, Acharya told ET in an interaction. JSW Infra will be purchasing the over 300 kilometre long slurry pipeline for ₹1,700 crore.
JSW Steel has spent ₹7,850 crore on capital expenditure in the first half of the year, including ₹3,384 crore in the September quarter. Its consolidated net profit fell 75% on year in the first half, while it slumped 85% on year in the September quarter.
“We did have a tight quarter,” Acharya said. While cash flows have been lower, Acharya said that the demand in the domestic market has been strong. “Our dependence on the external (market) is very low as a country. So for us to be able to be more self-sufficient, gives us the confidence to build the capacity,” he said.
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