 "The reliefs and concessions sought by JSW were part of the committee of creditors approved resolution plan")
JSW Steel on Friday reported a 64.5 per cent decline in consolidated net profit for the fourth quarter (Q4) of financial year 2023-24 (FY24). India's largest steelmaker by capacity reported a net profit of Rs 1,299 crore in Q4FY24, compared to Rs 3,664 crore during the same period last year. Sequentially, profit fell 46 per cent from Rs 2,415 crore.
The company's consolidated revenue from operations fell marginally by 1.5 per cent year-on-year (Y-o-Y) to Rs 45,646 crore from Rs 46,346 crore. Sequentially, revenue increased 10.4 per cent from Rs 41,337 crore in Q3.
Expenses for the company surged to Rs 44,401 crore, marking a three per cent increase from Rs 43,170 crore Y-o-Y. Sequentially, expenses rose 14.4 per cent from Rs 38,815 crore.
Operating earnings before interest, tax, depreciation, and amortisation (Ebitda) stood at Rs 6,124 crore, reflecting an Ebitda margin of 13.2 per cent, with a 15 per cent quarter-on-quarter (Q-o-Q) reduction in operating profit. This decline was attributed to lower sales realisations and higher coking coal costs, impacting the overall financial performance, the company said in an exchange filing.
JSW Steel invested Rs 3,503 crore in Q4FY24 and a total of Rs 16,752 crore in FY24. The company also surpassed its annual production guidance, producing 26.68 million tonnes against the targeted 26.34 million tonnes, achieving a commendable 101 per cent of the target.
The company's board of directors recommended a final dividend of Rs 7.30 per fully paid-up equity share of Rs 1 each for the year ended on March 31, 2024.
Shares of JSW Steel closed trading at Rs 907.3 on the BSE ahead of the company's Q4 earnings report.
