JSW Steel reports its highest-ever quarterly profit at Rs 7,179 crore in Q2, up 350%

JSW steel reported its highest-ever consolidated net profit after tax (PAT) at Rs 7,179 crore for the quarter ended September 30. This is an increase of 350 per cent over last year period’s profit of Rs 1,595 crore.

The company has also clocked its highest-ever quarterly revenue from operations at Rs 32,503 crore in the reporting period. It was Rs 19,264 crore in the corresponding period of last year.

During the quarter, JSW Steel operated at a healthy capacity utilization of 91 per cent across its steel-making operations. Saleable Steel sales for the quarter stood at 3.83 million tonnes (Indian operations excluding JVs), an increase of 10 per cent quarter-on-quarter, the company said in a filing.

The company registered its highest-ever consolidated quarterly operating EBITDA of Rs 10,417 crore, with an EBITDA margin of 32 per cent.

JSW Steel said the standalone EBITDA margin was lower when compared with previous June quarter, mainly due to elevated raw material prices of iron ore, coking coal and other key inputs like power, natural gas and ferroalloys. During the quarter, the company spent Rs 3,639 crore on capital expenditure as against total planned capex spending of Rs 18,240 crore for FY22.

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