BHUBANESWAR: JSW Steel Ltd on Wednesday reported a near fourfold rise in its net profit for the quarter ended June to Rs 2,366 crore, boosted by robust domestic demand and better realisation. Net profit jumped to Rs 2,366 crore from Rs 626 crore a year ago. Revenue rose 25.3 per cent year-on-year to Rs 20,519 crore.
In a post-results statement, the steelmaker said its domestic sale volumes grew 27 per cent YoY, while its sales to the automotive segment grew 57 per cent. Despite higher costs of key inputs like iron ore, coal, ferro-alloys and natural gas, the steelmaker’s realisation per tonne increased 21.7 per cent.
JSW Steel’s consolidated earnings before interest, tax, depreciation and amortisation nearly doubled YoY to Rs 5,105 crore, while margin increased from 17.3 per cent to 24.8 per cent, over 700 basis points higher. During the June quarter, the firm brought down its net debt to 1.32 times its equity capital, down from 1.38 times at the end of March quarter. Net debt was around 2.26 times its EBITDA.
Even as domestic demand during the quarter grew 9.2 per cent, buoyed by increased spend on infrastructure, surge in imports continue to worry. “Steel imports rose by 15 per cent year-on-year. As imports continue to grow and exports decline, India turned a net importer of steel in the first quarter after a gap of over three years,” said Joint MD and Group CFO Seshagiri Rao.
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