JSW Steel Q4 Results: Profit Grows 12 Per Cent To Rs 3,741 Crore, Output Rises 13 Per Cent

JSW Steel said its overall crude steel production was at 6.58 million tonne (MT) during Q4 FY23, up 13 per cent over the year- ago period. Sales rose 9 per cent year-on-year to 6.53 MT in Q4.

JSW Steel, a leading steel producer, reported a consolidated net profit of Rs 3,741 crore for the March quarter of 2022-23, marking an 11.90 per cent increase compared to the previous year. This growth was driven by higher income.

Total income for the quarter was Rs 47,427 crore, up from Rs 47,128 crore in the same period last year. Total expenses stood at Rs 43,170 crore, an increase from Rs 41,282 crore in the previous year.

On a standalone basis, JSW Steel's net profit for the quarter was Rs 2,828 crore, with income at Rs 37,705 crore. Standalone expenses amounted to Rs 33,767 crore.

In a saprate filing, JSW Steel said that its crude steel production for the fourth quarter of FY23 stood at 6.58 million tonnes (MT), showing a 13 per cent increase compared to the same period last year. Sales during the quarter also rose by 9 per cent year-on-year to reach 6.53 MT.

"Its net debt as of March 31, 2023 stood at Rs 59,345 crore, lower by Rs 10,153 crore against December 31, 2022 due to healthy cash generation and release of working capital," JSW Steel said.

The board of JSW Steel has proposed a dividend of Rs 3.40 per share for the fiscal year ending March 31, 2023. This dividend payout will amount to Rs 822 crore.

The company provided an update on its ongoing projects, stating that the 5 million tonnes per annum (MTPA) expansion at the Vijayanagar plant is progressing well and is expected to be completed by the end of the next fiscal year (FY24).

Additionally, the Phase-I expansion from 2.75 MTPA to 3.5 MTPA at Bhushan Power & Steel Ltd, which is owned by JSW Steel, was completed in the fiscal year 2022-23. The Phase-II expansion to 5 MTPA is on track for completion in the next fiscal year (FY24).

During the fourth quarter of FY23, JSW Steel invested Rs 3,507 crore in domestic capital expenditure, and the total capital expenditure for the fiscal year 2022-23 was Rs 14,214 crore, slightly lower than the revised planned amount of Rs 15,000 crore. JSW Steel is among the top six steel manufacturers in India.