JSW Steel reported 64.66% decline in consolidated net profit to Rs 1,332 crore in Q4 FY24 as compared with Rs 3,741 crore in Q4 FY23.
Revenue from operations fell 1.48% YoY to Rs 46,269 crore in Q4 FY24.Profit before tax dropped 52.65% YOY to Rs 2,012 crore in Q4 FY24.
Operating EBITDA stood at Rs 6,124 crore in Q4 FY24, down 22.86% from Rs 7,939 crore posted in same quarter last year. EBITDA margin was 13.2% during the quarter.
Consolidated crude steel production for the quarter stood at 6.79 million tonnes, lower by 1% QoQ and higher by 3% YoY. Capacity utilization at the Indian operations was 91% during the quarter vs 94% in Q3 FY24. Capacity utilization improved at the Ohio, USA operations due to better demand.
Steel sales for the quarter stood at 6.73 million, higher by 12% QoQ and by 3% YoY. Domestic sales at 5.16 million tonnes were lower by 2% QoQ and by 5% YoY on elevated imports. While total sales volume QoQ, the OEM & Industrial volumes declined by 11% QoQ.
Retail sales increased by QoQ 16% and lower by 3% YoY. Exports at 1.32 million tones increased significantly QoQ as export opportunity was used to liquidate inventories given restocking demand in global markets. Exports constituted 20% of sales from Indian operations.
Guidance for FY25, the company expects crude steel production of India Operations will produce 27.40 million tones and sell 26 million tonnes saleable steel while JSW Steels USA Ohio crude steel operations produce 1 million tones and sell 1 million saleable steel and it also projects total consolidated volumes of crude steel production reach at 28.40 million tones and sell 27 million tonnes saleable steel sales
Meanwhile, the companys board has declared a dividend of Rs 7.30 per equity share for the year ended 31 March 2024.
Further, the company through its wholly owned subsidiary, JSW Natural Resources, has executed Quotas sale agreement, assignment of contractual position agreement and other transaction related documents to acquire 92.19% equity stake and shareholders loans of MDR (Minas de Revuboe Limitada).
JSW Steel, the flagship business of the diversified JSW Group, is India's leading integrated steel company.
The scrip added 2.81% to Rs 916 on the BSE. It also hit an all time high at Rs 921.30 in intraday today.
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