JSW Steel Q3FY25 net profit plunges 70.3% YoY to Rs 717 cr; revenue down 1.3%
Mumbai: JSW Steel reported a 70.3% year-on-year (YoY) drop in consolidated net profit for Q3FY25, with earnings falling to Rs 717 crore due to declining steel prices, media reports said.
In the same period last year, the Sajjan Jindal-led company had posted a net profit of Rs 2,415 crore, according to a Business Standard report.
The company’s consolidated revenue for the October-December quarter stood at Rs 41,378 crore, a 1.3% YoY decline from Rs 41,940 crore.
Both revenue and net profit missed Bloomberg consensus estimates by 1% and 3%, respectively.
On a sequential basis, however, revenue rose by 4.3%, and net profit increased by 63.3%, aided by higher volumes and lower costs, particularly in coking coal.
JSW Steel recorded its highest-ever quarterly consolidated crude steel production at 7.03 million tonnes, a 2% YoY and 4% quarter-on-quarter (QoQ) increase.
Steel sales reached 6.71 million tonnes, reflecting a 12% YoY and 10% QoQ rise.
Domestic steel sales hit a record 5.99 million tonnes, marking an 8% QoQ and 14% YoY growth, driven by robust institutional and retail demand.
Exports accounted for 8% of Indian operations’ sales during the quarter, up from 7% in Q2FY25.
Operating EBITDA from Indian operations stood at Rs 5,564 crore, down 20% YoY but marginally up 1% QoQ. Net sales realisation (NSR) from Indian operations declined by 10% YoY and 3% QoQ due to softer domestic steel prices.
Global operations also felt the impact of lower steel prices. JSW Steel USA Ohio reported an EBITDA loss of $15.58 million, while the US Plate & Pipe Mill incurred an EBITDA loss of $2.29 million, both attributed to declining sales realisation as plate prices fell during the quarter.
The company noted a moderation in India’s economic growth but expects a recovery in Q4, supported by increased government capital expenditure, improved rural consumption, a strong kharif harvest, and a favourable rabi outlook.
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