JSW Steel logs 24% growth in consolidated crude steel production

The company has reported its highest ever quarterly consolidated crude steel production at 6.58 million tonnes for March quarter FY23, registering a growth of 13 per cent year-on-year (YoY) and 7 per cent quarter-on-quarter (QoQ). 

This was driven by improved capacity utilisation at the Indian operations, with capacity utilisation of 96 per cent in Q4 FY23 versus 91 per cent in Q3 FY23.

JSW Steel has achieved combined production of 24.57 million tonnes against its guidance of 25 million tonnes, which is a 98 per cent achievement. 

While the JSW Steel achieved 100 per cent of its Guidance for Consolidated Indian Operations, production volumes at JISPL and JSW Steel USA – Ohio were impacted due to shutdowns and subdued market conditions for part of the year.

JSW Steel, the country’s largest steelmaker by capacity reported a 88% decline in consolidated net profit for the December quarter profit at ₹490 crore, hurt by lower exports. It was ₹4,357 crore in the year-ago period.

Revenue from operations, meanwhile, rose 2.7% to ₹39,134 crore during the quarter under review as against ₹38,071 crore in the same quarter last year.

The steelmaker reported an operating EBITDA (earnings before interest, tax, depreciation and amortisation) of ₹4,030 crore during the quarter under review, with a margin of 13%.

Total income during the October-December quarter of the ongoing fiscal rose to ₹39,322 crore from ₹38,225 crore a year ago.

Expenses were also higher at ₹38,288 crore as against ₹31,986 crore.

Part of the O P Jindal Group, JSW group has a presence in sectors such as steel, energy, infrastructure, cement and sports.

JSW Steel is among India’s top six steel making companies.

On Monday, the company’s scrip ended 0.87 per cent up at ₹688.75 on BSE.