JSW Steel on Friday posted about three-fold jump in consolidated net profit at Rs 2,428 crore for June quarter 2023-24 on account of higher income.
It had posted Rs 839 crore net profit in the corresponding period of 2022-23, JSW Steel said in a regulatory filing.
Total income also rose to Rs 42,544 crore from Rs 38,275 crore in the year-ago quarter, a rise of over 11 per cent, it said.
Expenses were at Rs 39,030 crore as against Rs 36,977 crore earlier.
JSW Steel held its board meeting in Tokyo, Japan. JFE Steel of Japan is a shareholder in the company. The board at its meeting held on Friday appointed Swayam Saurabh as Chief Financial Officer designate, it said.
In a statement, the company said its consolidated crude steel production in the quarter stood at 6.43 million tonne (MT), higher by 11 year-on-year (y-o-y).
Steel sales were 5.71 MT, up 27 per cent over April-June FY23 and lower by 13 per cent quarter-on-quarter, impacted by channel de-stocking, with exports also being impacted by delayed loading due to the cyclone on the western coast of India towards the end of the quarter.
The company had taken certain scheduled shutdowns at Indian operations during the quarter. The average capacity utilization for Q1 FY24 was 92 per cent compared to 96 per cent in Q4 FY23.
On performance of subsidiaries, the company said JSW Steel Coated Products registered a production of 0.98 MT and sales at 0.94 MT during first quarter of FY24.
Revenue from operations stood at Rs 8,179 crore, and a profit after tax (PAT) of Rs 119 crore in the quarter. The margins were similar to the previous quarter.
Bhushan Power & Steel (BPSL) registered a production of 0.74 MT and sales of 0.69 MT. Revenue from operations stood at Rs 5,474 crore and PAT was Rs 199 crore for the quarter.
The company's Ohio-based EAF-based steel manufacturing facility produced 73,919 net tonne of HRC (hot rolled coil) and 2,67,896 net tonne of slabs during the quarter. Sales in the quarter stood at 75,199 net tonne of HRC and 1,81,164 net tonne of slabs. It reported an EBITDA of USD 2.60 million for the quarter.
The company's plate and pipe mill based in Texas, USA produced 1,21,833 net tonne of plates and 10,339 net tonne of pipes, reporting a capacity utilization of 49 per cent and 8 per cent, respectively, during the quarter.
Sales volumes for the quarter stood at 1,08,519 net tonne of plates and 11,383 net tonne of pipes. It reported an EBITDA of USD 44.96 million.
JSW Steel Italy produced 97,933 tonne and sold 73,833 tonne of rolled products during the quarter. It reported an EBITDA of Euro 18.6 million for the quarter.
In India, JSW Steel said its 5 MTPA brownfield expansion at Vijayanagar is progressing well, with civil works underway .Construction activities of all packages are underway and equipment erection has commenced. The project is expected to be completed by end of FY24.
JSW Steel Coated Products Ltd has commissioned the colour coated steel line of 0.25 MTPA at Rajpura in May. A line of 0.12 MTPA in Jammu and Kashmir is expected to be completed in Q4 FY24.
Phase-II expansion (from 3.5 MTPA to 5 MTPA) at BPSL is progressing well. The company’s capex spend was Rs 4,094 crore during Q1 FY24, of the planned capex spend of Rs 18,800 crore for FY24.
JSW Steel is the flagship business of diversified JSW Group, which has presence in sectors such as energy, infrastructure, cement, paints, sports, and venture capital.