In Q4FY24, JSW Steel’s profit drops 62% while overall revenue decreases 2%

JSW Steel’s consolidated net profit for the quarter that ended in March 2024 decreased by 62%. In the fourth quarter of FY24, the consolidated net profit decreased from Rs 3,446 crore in FY23 to Rs 1,322 crore.

Additionally, the quarter’s total revenue decreased by 2% to Rs 46,511. The company’s operating EBITDA for the quarter was Rs 6,124 crore. According to a press release from the business, the quarter saw the highest-ever sale of saleable steel at 6.73 million tonne, and crude steel output of 6.79 million tonne.

However, the company’s net profit increased by 116% in FY24 to Rs 8,793 crore from Rs 4,139 crore in FY23. At Rs 1.75 lakh crore, the business had its highest operating revenue ever in FY24. The firm produced the most crude steel (26.43 million tons) and sold the most saleable steel (24.78 million tons) in the most recent fiscal year (FY24).

At the conclusion of the March 2024 quarter, the company’s net debt to equity was 0.93x, compared to 1.02x at the end of the Q3 FY24. Because of strong cash creation, the release of working capital, and carefully planned capital expenditure, net debt as of March 31, 2024, was Rs 73,916 crore, Rs 5,305 crore less than in the same quarter of 2023.

In the meanwhile, the business said on Friday that the board had authorized the purchase of Minas de Revuboe Limitada (MDR), which is the owner of a premium hard coking coal mining project in the Moatize Basin of Tete Province, Mozambique, that is of high quality and extensive pre-development stage. With more than 800 million tonnes of mineral reserves, it is one of the biggest premium hard coking coal projects under pre-development in the world. The acquisition’s contemplation has not been made public.

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