JSW Steel Q3 net profit soars over two-fold to `1,774 crore

The company had posted a net profit of Rs 716 crore in the year-ago period, JSW Steel said in a filing to the BSE.

The Sajjan Jindal-led firm's total income rose to Rs 17,903 crore for the quarter under review, against Rs 15,345 crore in the same period a year ago.

Total expenses were at Rs 15,785 crore as compared to Rs 14, 280 crore in the October-December quarter of the preceding fiscal.

Shares of JSW Steel on Wednesday ended 0.19 per cent higher at Rs 290.15 apiece on the BSE.

The Company achieved highest ever quarterly Crude Steel production during the quarter at 4.11 million tonnes, a growth of 7% YoY, primarily due to enhanced operational efficiencies at Dolvi works and improved water availability at its Salem works in Tamil Nadu.

The Company also achieved highest ever quarterly Saleable steel sales volume of 3.97 million tonnes, an increase of 9% YoY. The Company focused on increasing exports sales volume (up 24% QoQ), especially for long products, to leverage upon a robust demand and pricing environment in international markets, thus leading to a liquidation of stocks sequentially.

The Company also achieved the highest ever consolidated quarterly Saleable Steel sales volume of 4.03 million tonnes, which increased 12% YoY.

The company remained focused on enriching the product mix and the overall sales of value added and special products grew by 8% YoY (accounting for 57% of total sales).

During the quarter, JSW Steel Coated Products registered a production volume (Galvanised/Galvalume products) of 0.35 million tons and sales volume of 0.51 million tonnes.

Volumes were impacted by planned shutdown of its two Galvanizing lines at Tarapur works for maintenance and revamping to enhance production capacities.

Revenue from operations and Operating EBITDA for the quarter stood at Rs 3,034 crores and Rs 90 crores respectively. Spreads were impacted by delayed transmission of higher substrate prices.