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The bourses were informed of steel industry veteran, Seshagiri Rao's retirement via a release on Wednesday evening, Rao has served as a member of the JSW board since 1999.
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Timelines for plans to take JSW Infrastructure and JSW Cement public are not yet decided.
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It’s on course to clock sales of 24 million tonnes, and will incur a capex of Rs 15,000 crore for the year.
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"We cannot expect normalcy in Q2 due to very high-cost inventory. But the low raw material prices would get reflected in Q3. Not only will margins get normalised by the time, even the export duty could have been reviewed by the government," Seshagiri Rao, Group CFO and Joint MD said.
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JSW Steel Q1 Results | Joint MD & Group CFO Seshagiri Rao speaks exclusively to Moneycontrol about what factors impacted the steel major's Q1 results, whether the imposition of export duty dented volumes and how has the falling rupee impacted the group's financials. He also talks about the JSW group's expansion plans and ambitious decarbonisation goals. Watch!
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Domestic steel prices are at a 5-6 percent discount to landed imports, he further said, adding that iron ore exports have doubled. He is confident of achieving sales guidance of 15 mt
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Depending on its capex cycle, a company can choose between existing tax rates with payment of MAT or, the reduced corporate tax.
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If the slump continues, steelmakers may cut production in this quarter, or the next, says Jt MD & Group CFO Seshagiri Rao.
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CNBC-TV18’s Nigel D'souza is in conversation with JSW Steel's Joint MD & Group CFO Seshagiri Rao on the side-lines of the Centrum Symposium on steel. Internationally steel prices went up further therefore there is a scope for Indian steel prices to go up, he said.
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The National steel policy 2017 puts a focus on domestic manufacturers and to achieve 300 million tonne (mt) of steel making capacity by 2030. In an interview to CNBC-TV18, Seshagiri Rao, Joint MD & Group CFO, JSW Steel spoke about the latest happenings in his company and sector.
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"Today we have 18 mt installed capacity which is 15 per cent of the national steel manufacturing capacity of 128 mt. If the country builds 300 mt capacity by 2030, we would like to plan accordingly to maintain our 15 per cent share, which will be 40-45 mt," JSW Steel joint managing director & group CFO Seshagiri Rao told PTI.
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Speaking about government’s assurance about resolving the NPA mess, Seshagiri Rao, Joint MD and Group CFO of JSW Steel told CNBC-TV18 that there is no specific agenda with regards to steel sector's non-performing assets (NPA) problem.
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While the current plan is limited to providing connectivity to its plant, the company may look at a commercial business in the future.
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Reference price of steel needs to be revised in line with international prices and cost of production to stop dumping of steel into India, said Joint MD & Group CFO Seshagiri Rao of JSW Steel.
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Nine directors of JSW-Dolvi Works were booked by the Raigad police under the charges of misusing the government land, cheating and violation of the Environment Protection Act on the directions of the high court, police said today.
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Sajjan Jindal-led JSW Steel today
reported a consolidated net profit of Rs 730 crore for the
September-December quarter on the back of higher income from
operations.
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Sajjan Jindal-led JSW Steel today said it is evaluating various opportunities for acquisitions to achieve the company's target of becoming 40 million tonnes steel player.
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Speaking to CNBC-TV18 Seshagiri Rao, Joint MD & Group CFO at JSW Steel said that the company will see an impact due to higher coking coal prices in the coming quarter.
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The company has no problem in funding acquisitions if it's value accretive, says Seshagiri Rao, Joint MD and CFO, JSW Steel.
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JSW Group Chief Financial Officer Seshagiri Rao said there were several attractive opportunities in the power sector hit by coal mine cancellations and heavy debt, but declined to comment on specific deals.
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Seshagiri Rao, Group CFO, said that the company is better-positioned to manage its Rs 40,000 crore debt and steps taken by the government have helped reduce imports substantially.
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The government should take some urgent steps to prevent the steel sector from collapsing, says Seshagiri Rao, Joint Managing Director & Group CFO, JSW Steel. He says domestic steel producers are hurting from Korean and Japanese firms cutting their product prices.
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The global rupee bonds would be used to refinance costly loans or raise capital for new projects with little currency risk. Indian companies had previously issued bonds abroad, but these were in dollars and other currency.
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In order to avoid the safe guard duty, the Chinese are under pricing the products, so there has been no relief for the domestic steel producers as such, said Seshagiri Rao, Joint Managing Director of JSW Steel.
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Total income from operations declined 21.5 percent to Rs 10,907 crore from Rs 13,895 crore during the same period.
