Major Indian steel producer, JSW Steel Limited, has announced its financial results for the first quarter of fiscal year 2024, ending on June 30, 2023.
The company reported a substantial YoY increase in revenue, reaching INR 42,213 crores (USD 5.1 bln), representing a growth of nearly 11pct. Additionally, JSW Steel’s profit after tax for the quarter soared to INR 2,428 crores (USD 296 mln), a significant surge from INR 839 crores in the same quarter of FY23.
JSW Steel’s consolidated crude steel production for the quarter stood at 6.43 mln tons, which reflects an 11pct YoY increase but a 2pct QoQ decrease. The slight decrease in capacity utilization (92pct in Q1 FY24 compared to 96pct in Q4 FY23) was due to scheduled shutdowns at Indian operations during the quarter.
During the same period, the company’s steel sales amounted to 5.71 mln tons, showing a notable 27pct YoY rise. However, sales were down by 13pct compared to the previous quarter due to channel de-stocking. Additionally, exports were affected by delayed loading caused by a cyclone on the western coast of India towards the end of the quarter.
JSW Steel is the flagship business of the diversified, USD 22 bln JSW Group. Over the last three decades, it has grown from a single manufacturing unit to become India’s leading integrated steel company with a capacity of 28.5 mln tons per annum in India and the USA (including capacities under joint control). Its next phase of growth in India will take its total capacity to 38.5 mln tons per annum by FY25. The company’s manufacturing unit in Vijayanagar, Karnataka is the largest single-location steel-producing facility in India with a capacity of 12 mln tons per annum. It has a strategic collaboration with global leader JFE Steel of Japan, enabling JSW to access new and state-of-the-art technologies to produce and offer high-value special steel products to its customers.
1 USD / 82 INR
