JSW Steel gained nearly 0.8 percent during early morning trade on the NSE despite its weak performance in Q4FY24, as reported on May 17. Despite a decline in both net profit and revenue for the quarter, the stock was trading at Rs 893 at 10 am, marking an approximate 29.1 percent increase over the past year.
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In a regulatory filing, JSW Steel disclosed a significant 64.5 percent year-on-year decrease in net profit to Rs 1,299 crore for the quarter ended March 31, 2024. This decline was attributed to higher coking coal prices and reduced realizations amidst a challenging domestic steel market. Revenue for Q4FY24 also witnessed a slight dip of 1.5 percent, totaling Rs 46,269 crore compared to Rs 46,962 crore in the previous fiscal period.
During the quarter, consolidated crude steel production stood at 6.79 million tonnes, while the company invested Rs 3,503 crore in consolidated capital expenditures.
Also read: JSW Steel's board approves raising up to Rs 7,000 cr via NCDs, equity or convertible shares
Furthermore, JSW Steel's board approved a plan to raise funds up to Rs 7,000 crore through non-convertible debentures (NCDs) with warrants, equity, or convertible shares. The company's regulatory filing specified that the board endorsed the issuance of NCDs with warrants, convertible into or exchangeable with equity shares of the Company with a face value of Rs 1 each at a later date.
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