JSW Steel Sees 65% Q4 Profit Plunge; Invests Rs 3,503 Cr in Capex

JSW Steel has posted a 65 per cent fall in consolidated net profit to Rs 1,322 crore for the March quarter, impacted by raw material costs and some other expenses.It had clocked Rs 3,741 crore net profit in the year-ago period, the company said in an exchange filing on Friday.The companys total income also fell to Rs 46,511.28 crore from Rs 47,427 crore in January-March FY23.

JSW Steel has posted a 65 per cent fall in consolidated net profit to Rs 1,322 crore for the March quarter, impacted by raw material costs and some other expenses.

It had clocked Rs 3,741 crore net profit in the year-ago period, the company said in an exchange filing on Friday.

The company's total income also fell to Rs 46,511.28 crore from Rs 47,427 crore in January-March FY23. During the period under review, its expenses stood at Rs 44,401 crore, as against Rs 43,170 crore a year ago.

Among the expenses, the cost of raw materials rose to Rs 24,541 crore from 23,905 crore in the January-March period. While ''other expenses'' increased to Rs 7,197 crore from Rs 6,653 crore in the year-ago period.

In FY24, the company's net profit rose to Rs 8,973 crore from Rs 4,139 crore in FY23. The income for the full year stood at Rs 1,76,010 crore, up from Rs 1,66,990 crore.

The board of directors of the company announced a final dividend of Rs 7.30 for FY24. The total outflow on account of this dividend will be Rs 1,785 crore.

In a separate statement, JSW Steel said its crude steel production in the March quarter was at 6.79 million tonnes, and sales were at 6.73 million tonnes.

The company's consolidated capex spend in the March quarter was Rs 3,503 crore and during FY24 was Rs 16,752 crore. JSW Steel expects consolidated capex for FY25 to be Rs 20,000 crore. The board of directors has approved entering into a contract for procuring a hybrid renewable energy generation capacity of 600 MW (200 MW solar and 400 MW wind), along with 320 MWh battery storage at Vijayanagar for commissioning by the December quarter of FY27.

JSW Steel is the flagship business of the diversified USD 23 billion JSW Group.