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JSW Steel Q4FY24 PAT drops 64% YoY to Rs 1,299 cr

JSW Steel Q4FY24 PAT drops 64% YoY to Rs 1,299 cr

| @indiablooms | 18 May 2024, 01:10 am

Mumbai: JSW Steel reported a 64% year-on-year (YoY) decline in consolidated net profit for the quarter ended March 2024 to Rs 1,299 crore, compared to Rs 3,664 crore in the same period last year.

Revenue from operations for the fourth quarter saw a slight decrease to Rs 46,269 crore, down from Rs 46,962 crore in the corresponding quarter of the previous year.

The Board has recommended a final dividend of Rs 7.30 per share, which will be credited to members within 30 days from the date of the Annual General Meeting (AGM).

The operating EBITDA for the fourth quarter was Rs 6,124 crore, with an EBITDA margin of 13.2%.

Operating profit dropped by 15% quarter-on-quarter (QoQ) due to lower sales realizations and higher coking coal costs.

In terms of production, crude steel output for the fourth quarter was 5.69 million tonnes, which was a 1% decrease QoQ but a 2% increase YoY.

Standalone steel sales for the March quarter remained flat YoY but increased by 9% QoQ to 5.69 million tonnes.

Consolidated crude steel production for the quarter was 6.79 million tonnes, and steel sales were 6.73 million tonnes. Domestic sales fell by 5% YoY due to increased imports.

Despite the overall increase in total sales volumes sequentially, OEM (Original Equipment Manufacturer) and industrial volumes declined by 11% QoQ, and retail sales decreased by 3% YoY.

Exports rose significantly to 1.32 million tonnes on a QoQ basis, as the company utilized export opportunities to reduce inventories amid restocking demand in global markets.

For the fiscal year, JSW Steel achieved a combined annual production of 26.68 million tonnes, surpassing its guidance of 26.34 million tonnes (101% achievement). The sales guidance was also fully met, achieving 100% of the target.

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