NEW DELHI: JSW Steel has reported a 62% drop in consolidated net profit in the quarter ended March 2024. The consolidated net profit fell from Rs 3,446 crore in the fourth quarter of FY23 to Rs 1,322 crore in the same quarter in FY24.
Total income during the quarter also fell 2% to Rs 46,511. Operating EBITDA of the company during the quarter was Rs 6,124 crore. The company in a press statement said that crude steel production during the quarter was 6.79 million tonne, and recorded the highest-ever sale of saleable steel at 6.73 million tonne.
In FY24, the company, however, posted a 116% growth in net profit at Rs 8,793 crore compared to Rs 4,139 crore in FY23. The company also posted the highest ever revenue from operations during FY24 at Rs 1.75 lakh crore. During the previous financial year (FY24), the company produced highest ever crude steel at 26.43 million tonne, and sold highest-ever saleable steel at 24.78 million tonne.
The company’s net debt to equity stood at 0.93x at the end of the March 2024 quarter, as against 1.02x at the end of Q3 FY24. Net debt as of March 31, 2024, stood at Rs 73,916 crore, lower by Rs 5,305 crore than in December 2023 quarter due to healthy cash generation, release of working capital and calibrated capex.
Meanwhile, the company on Friday announced that the board has approved acquisition of Minas de Revuboe Limitada (MDR), which owns a high quality and large scale pre-development stage premium hard coking coal mine project in the Moatize Basin of Tete Province in Mozambique. It is one of the largest pre-development stage premium hard coking coal projects globally and has mineral reserves in excess of 800 million tonnes. The consideration for the acquisition has not been disclosed.