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Steelmaker reports highest ever net profit of Rs 7,179 crore in September quarter

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JSW Steel Q2 results: Steel major’s net profit up 350 per cent in September quarter

Steel major JSW Steel announced its July-September quarter results for the financial year 2021-22, recording the highest quarterly net profit of Rs 7,179 crore on a consolidated basis as compared to Rs 1,595 crore in the corresponding period last year. A year-on-year growth of 350 per cent.

The company recorded the highest ever revenue from operations in the second quarter of the current fiscal – Rs 32,503 crore as compared to Rs 19,264 crore in the year-ago period, registering a year-on-year growth of 68.7 per cent . According to a regulatory filing by JSW Steel to the stock exchanges today.

In its statement, the major steelmaker said it has reported the highest ever operating income before interest, tax, depreciation and amortization (EBITDA) at Rs 10,417 crore.

The country’s leading steel producing company’s salable steel sales stood at 3.83 million tonnes during the quarter – a 10 per cent quarter-on-quarter growth. JSW Steel strengthened exports to 22 per vent sequentially to partially offset the fall in domestic demand due to the season.

It operated at a capacity utilization of 91 percent of its steelmaking operations during the quarter. JSW Steel spent Rs 3,639 crore on capital expenditure, while the total planned capital expenditure for the entire financial year stood at Rs 18,240 crore.

With a steel making capacity of 28 MTPA, JSW Steel has become the leading integrated steel company in the country. Its manufacturing unit located in Vijayanagar, Karnataka is the largest single location steel production facility in India.

On Thursday, October 21, shares of JSW Steel closed at Rs 673.45, down 1.47 per cent on the BSE.

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