JSW Steel gets back to profitable position with Rs 2,773 cr net profit in Q2FY24
Mumbai: JSW Steel marked a return to profitability with a consolidated net profit of Rs 2,773 crore for the July-September period.
This positive outcome was driven by higher revenue and extraordinary gains. In the same quarter of the previous fiscal year, the company had incurred a loss of Rs 915 crore.
JSW Steel further noted an uptick in total income, which rose to Rs 44,821 crore in the second quarter of the current fiscal, compared to Rs 41,966 crore the previous year.
The company's expenses decreased to Rs 40,801 crore in the reviewed quarter, down from Rs 43,354 crore in the corresponding period last year.
The company reported that its capital expenditure (capex) in India for the second quarter of FY24 amounted to Rs 3,701 crore, while at a consolidated level, it was Rs 3,816 crore.
In the first half of FY24, the capex in India was Rs 7,795 crore and the consolidated capex was Rs 7,996 crore, as opposed to the originally planned capex of Rs 18,800 crore in India and Rs 20,000 crore at the consolidated level for FY24.
The company achieved a production of 6.34 million tonnes (MT) of crude steel in the period of July-September 2023, marking a 12 percent increase from 5.66 MT in the same quarter of FY 2022-23.
Sales also saw a 10 percent rise, reaching 6.34 MT in the quarter compared to 5.74 MT the previous year. Additionally, exports accounted for 11 percent of sales from Indian operations, totalling 0.69 MT.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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