JSW Steel's net profit (attributable to owners) plunged 64.5 percent to Rs 1,299 crore in the quarter ended March 31, 2024, hit by higher coking coal prices and lower realizations amid bleak domestic steel prices. The steelmaker had reported a profit of Rs 3,664 crore in the same quarter last year.
Revenues for the quarter stood at Rs 46,269 crore, almost flat from Rs 46,962 crore reported in the fourth quarter of 2023. The company recorded expenses of Rs 44,401 crore in the quarter, up from Rs 43,170 crore reported an year earlier, according to a regulatory filing from May 17.
Other income in the quarter dipped 18 per cent to Rs 451 crore.
The company said that its expenses related to changes in inventories of finished and semi-finished goods, work in progress and stock in trade, rose to Rs 534 crore up more than 200 per cent from Rs 165 crore.
"Exports at 1.32 million tonnes increased significantly QoQ as export opportunity was used to liquidate inventories given restocking demand in global markets. Exports constituted 20% of sales from the Indian operations," the company said in a press statement.
On a standalone basis, net profit for the March quarter was Rs 1,007 crore, marking a 64 percent decline year-on-year (YoY). Total revenue from operations fell 4.9 percent YoY in the quarter, to Rs 35,341 crore.
Consolidated crude steel production in the quarter stood at 6.79 million tonnes. The company spent consolidated capex of Rs 3,503 crore in Q4FY24 and Rs 16,752 crores in FY24.
Standalone steel sales for the quarter was 5.69 million tonnes for the quarter, higher by 9% QoQ and flat YoY. Domestic sales were at 5.16 million tonnes, down by 2% QoQ and by 5% YoY on elevated imports.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
