JSW Steel on May 19 reported a consolidated net profit for the quarter ended March at Rs 3,664 crore, up 13.29 percent from Rs 3,234 crore in the same quarter last year.
Its revenue from operations for the quarter stood at Rs 46,962 crore, registering a growth of 0.14 percent from Rs 46,895 crore, the company said in an exchange filing.
The company said it recorded higher ever crude steel production and highest ever saleable steel sales during the quarter.
During the quarter the total combined crude steel production of JSW Steel was 6.77 million tonnes, higher by 8 percent sequentially mainly due to the ongoing ramp-up of the 5 million tonne per annum Dolvi plant expansion.
JSW Steel’s performance was better sequentially mainly due to higher volumes, better realisations and lower energy price. “While the global economic scenario remains challenging, India is seeing healthy steel demand growth which will support the company’s performance in the coming quarters,” it said in a release.
The 5 mpta brownfield expansion in Vijaynagar is processing “well”, it said, adding the project will be completed by the end of FY24. The company said it plans to spend Rs 18,800 crore as capex in FY24.
The board of directors also announced a dividend of Rs 3.4 per share. The company will be giving out Rs 822 crore as dividends.
In its guidance for FY24, the company expects crude steel production at 26.34 million tonnes and saleable steel sales at 25 million tonnes.
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