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JSW Steel Limited reported its earnings on Thursday

India Blooms News Service | | 27 Oct 2016, 07:18 pm
Mumbai, Oct 27 (IBNS): JSW Steel Limited, part of the JSW group, part of the O P Jindal Group, reported its results on Thursday for the second quarter and the half year ended Sep 30 2016, where it reported consolidated income from operations of Rs 14,421 crores for the quarter.

The company's standalone income for the quarter was Rs 13,357 crores.

The company reported highest ever quarterly Crude Steel production of 3.98 million tonnes, up by 22 per cent from the same quarter a year ago.

The company said that its current quarter was marked by ramping up and stabilization of the recently recommissioned Blast Furnaces at Vijayanagar and Dolvi.

As a result, crude steel production grew by 22 per cent from the year ago quarter to 3.98 million tonnes in 2Q FY2017.

At the same time, saleable steel sales volume increased by 20 per cent year over year to 3.84 million tonnes as the company increased exports in a seasonally slow period of demand in the domestic markets (due to monsoon), it said in its release.

Not only this, the company focused its efforts towards increasing value added and special products sales, which grew by 20 per cent year over year, and branded steel products’ sales also grew by 11 per cent year on year in this period.

Operating EBITDA for the quarter stood at Rs 2,718 crores, up by 58 per cent year on year, primarily driven by higher volumes, lower input costs and better operating efficiency, with an EBITDA margin of 22.2 per cent.

The net profit after tax stood at Rs 672 crores for the quarter, reported the company.

Gearing (Net Debt to Equity) at the end of the quarter stood at 1.75x (as against 1.85x at the end of 1Q FY2017) and Net Debt to EBITDA stood at 4.41x (as against 5.13x at the end of 1Q FY2017).