JSW Steel Q3 Net Profit Tanks 86% YoY To <span Class='webrupee'>₹</span>474 Crore

Revenue from operations grew 2.79% YoY to ₹39,134 crore. Operating Ebitda (earnings before interest, tax, depreciation and amortisation) was at ₹4,030 crore during the quarter under review, with a margin of 13%.

Total income during October-December rose to ₹39,322 crore from ₹38,225 crore a year ago. Expenses were also higher at ₹38,288 crore as against ₹31,986 crore.

The company’s financial performance during the quarter was better sequentially, primarily due to lower coking coal prices. Despite a challenging global economic scenario, healthy domestic steel demand should aid the company’s performance in the coming quarters.

JSW Steel expects the reopening of China and falling global inflation to provide growth tailwinds in the second half of the calendar year. “Despite a challenging global economic scenario, healthy steel demand growth is expected in India, which should aid the company’s performance in the coming quarters," the management said in a statement.

The company said that the 5 MTPA brownfield expansion at Vijayanagar is well on track, and civil works are underway at the site. The project is likely to be completed by the end of financial year 2024.

Phase-II expansion at Bhushan Power and Steel from 3.5 MTPA to 5 MTPA also remains on track to be completed by financial year 2024.

During the quarter, the company spent ₹4,114 crore as capex. For the first nine months, total capex stood at ₹10,707 crore, as against the revised capex guidance of ₹15,000 crore.

Shares of the company closed 2.47% lower at ₹740.95 apiece on the BSE today.