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JSW Steel reported a multi-fold increase in December quarter net profit at ₹2,450 crore against ₹474 crore logged in the same period last year on the back of better realisation.
Income was up at ₹42,134 crore (₹39,322 crore) while overall expenses rose marginally at ₹38,815 crore (₹38,288 crore).
Crude steel production increased 12 per cent to 6.87 million tonnes taking the capacity utilisation to 94 per cent in India.
Steel sales had risen 7 per cent to 6.00 mt, but was lower by 5 per cent QoQ. Domestic sales were up two per cent at 5.27 mt but down 4 per cent QoQ.
Retail sales were hit by higher imports and channel destocking. Exports dipped 20 per cent QoQ to 0.55 mt on subdued global markets and constituted 9 per cet of sales from the Indian operations.
Operating EBITDA was up at ₹7,180 crore against ₹4,547 crore y-o-y but down 9 per cent sequentially from ₹7,886 crore driven by lower sales volumes and higher iron ore and coking coal cost. This was partially offset by higher EBITDA from the overseas operations, said the company.
The net debt increased to ₹79,221 crore against ₹69,195 crore in same period last year. JSW Steel has taken a fresh loan of ₹13,113 crore in the December quarter.
The board has approved long-term fund raising of ₹2,000 crore in the domestic market for replacing short maturity loans, meet working capital requirements and capital expenditure. It has also approved re-appointment of current Joint Managing Director Jayant Acharya for five years from May.
The company’s capex spend in Q3 FY24 in India was ₹5,103 crore and consolidated was at ₹5,253 crore. It expects consolidated capex for this fiscal to be lower at ₹18,000 crore against ₹20,000 crore planned earlier.
Bhushan Power & Steel reported net profit of ₹260 crore on revenue of ₹5,030 crore and EBITDA of ₹780 crore.
JSW Steel Coated Products registered net loss of ₹52 crore in the quarter under review.
JSW Steel USA Ohio logged a EBITDA loss of $6.44 million for the quarter while US Plate & Pipe Mill registered an EBITDA of $18.67 million. Italy Operations reported an EBITDA of Euro 16.7 million for in the quarter.
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