The steel major's consolidated net profit stood at Rs 5,900 crore in Q1 June 2021 (Q1 FY22) compared to a net loss of Rs 582 crore in Q1 June 2020 (Q1 FY21).
Consolidated net sales soared 148.2% to Rs 28,432 crore in Q1 FY22 as against Rs 11,454 crore in Q1 FY21. Pre-tax profit was at Rs 8,619 crore in Q1 FY22 as against a pre-tax loss of Rs 643 crore in Q1 FY21. EBITDA stood at Rs 10,274 crore in Q1 FY22 while EBITDA margins were at 35.5% during the quarter.
During the quarter, the joint venture operations, mainly Bhushan Power & Steel and JSW Ispat Special Products performed satisfactorily. The share of profit from JVs for the quarter stood at Rs 323 crore.
Production of Crude Steel grew 39% to 4.10 million tonnes (MT) in Q1 FY22 as against 2.96 million tonnes (MT) in Q1 FY21. Total sales jumped 29% to 3.61 million tonnes (MT) as compared to 2.80 million tonnes (MT).
Meanwhile, JSW Steel had acquired from Welspun Corp, on a slump sale basis, the business of manufacturing of high-grade steel plates and coils (PCMD business), for a consideration of Rs 848.50 crore, subject to closing adjustments towards net working capital, and that the consideration was to be paid on a deferred basis. JSW Steel had paid an amount of Rs 225 crore as on 30 April 2021 as part consideration for the acquisition of the PCMD business, and Rs 498.50 crore on 8 June 2021 as part consideration for the acquisition of the PCMD business.
Now, the company has paid the balance consideration of Rs 85.69 crore after making closing adjustments towards net working capital, has been paid to Welspun Corp on 23 July 2021, and that there is no further consideration payable to Welspun Corp for the acquisition of the PCMD business.
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JSW Steel is India's leading integrated steel company with a steel-making capacity of 28 million tonnes per annum (MTPA) in India & USA, including capacities under joint control & new capacity to be commissioned at Dolvi during this year.
Shares of JSW Steel skid 1.64% to Rs 705.60 on BSE. It traded in the range of Rs 701.45 and Rs 733.80 during the day.
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