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JSW Steel reported its consolidated profit for September-end quarter of the current fiscal year at Rs, 2,087 crores, surging 150 per cent year-to-year (YoY). The company had earlier reported Rs. 836 crores profit in the year-ago quarter.
The company said in a BSE filing that the consolidated revenue for the period climbed 25 per cent to Rs 21,552 crores from Rs 17,279 crore in the year-ago period. Operating Ebitda jumped 62 per cent YoY to Rs 4906 crore. Operating Ebitda margin came in at 22.80 per cent for the quarter.
JSW Steel net debt rose to Rs 18,583 crores during the quarter as against Rs 16,005 crores in the corresponding period of the previous fiscal, which was mainly due to the consummation of the previously announced acquisitions and increase in working capital due to the impact of currency depreciation and high volumes and prices.
JSW Steel Joint Managing Director and Group Chief Financial Officer Seshagiri Rao said crude steel production during the quarter increased by 6 per cent YoY to 4.18 million tonnes aided by higher capacity utilisation at Vijayanagar and Salem works.
Rao added, “The company strategically focused on increasing domestic sales volume, which witnessed a growth of 11 per cent YoY in the quarter. Sales of value added and special products (VASP) accounted for 55 per cent of total sales volumes and sales to automotive customers increased by 36 per cent YoY.”
The company board has approved a proposal of merger of wholly-owned subsidiaries, Dolvi Minerals and Metals Private, Dolvi Coke Projects, JSW Steel Processing Centres, and JSW Steel (Salav) (“Transferor Companies”) with the company. Besides, the company board has okayed a proposal for raising up to Rs 5,000 crore via the rights issue.
