The logo of JSW is seen on the company’s headquarters in Mumbai.
| Photo Credit: Reuters
JSW Steel on Friday (January 24, 2025) reported over 70% fall in consolidated net profit to ₹719 crore in December quarter, mainly due to higher expenses.
It had posted a net profit of ₹2,450 crore in the year-ago quarter, the company said in an exchange filing.
Total income during the latest third quarter also trimmed to ₹41,525 crore from ₹42,134 crore a year ago.
The company increased its expenses to ₹40,250 crore during the reporting period from ₹38,815 crore in the third quarter last fiscal.
The company’s consolidated capital expenditure (capex) during the third quarter of current fiscal was ₹3,087 crore, while its overall capex spend for April-December period stood at ₹10,937 crore.
In a separate statement, the company said, “The Profit after Tax for the quarter was ₹719 crores after considering an exceptional charge of 103 crores.”
The company’s revenue from operations stood at ₹41,378 crore and its operating EBITDA (earnings before interest, taxes and amortisation) at ₹5,579 crore during the quarter.
The EBITDA increased by 3% quarter-on-quarter (QoQ) as fall in steel price realisations was offset by higher volumes and lower costs primarily coking coal.
Net debt as of December 31, 2024 stood at ₹80,921 crore, lower by ₹1,884 crore compared to the figure of September end, on cash generated from operations and release of working capital.
JSW Steel said its consolidated crude steel production for the quarter stood at 7.03 million tonnes, higher by 2% year-on-year (YoY) and 4% QoQ. Capacity utilisation at the Indian operations was 91% during the quarter.
Steel sales for the quarter stood at 6.71 million tonnes, higher by 12% YoY and 10% QoQ.
Published – January 24, 2025 04:54 pm IST
