JSW Steel Reports Highest Ever Profit At Rs 7,179 Crore In September Quarter

JSW Steel Q2 Results: The steel major’s net profit surged 350 per cent in the September quarter

Steel major JSW Steel announced its July-September quarter results for the financial year 2021-22, reporting its highest ever quarterly net profit at Rs 7,179 crore on a consolidated basis, compared to Rs 1,595 crore in the corresponding period last year, marking a surge of 350 per cent growth year-on-year.

The company also reported the highest-ever revenue from operations in the second quarter of the current fiscal – at Rs 32,503 crore, compared to Rs 19,264 crore in the year-ago period, marking a growth of 68.7 per cent year-on-year, according to a regulatory filing by JSW Steel to the stock exchanges today. 

In its statement, the leading steelmaker said that it reported the highest ever operating earnings before interest, tax, depreciation, and amortization (EBITDA) at Rs 10,417 crore. 

The country’s leading steel production company’s saleable steel sales during the quarter stood at Rs 3.83 million tonnes – an increase of 10 per cent quarter-on-quarter. JSW Steel strengthened exports by 22 per vent sequentially to partially offset the fall in the domestic demand due to seasonality.

It operated at a capacity utilization of 91 per cent across its steel-making operations during the quarter. JSW Steel spent Rs 3,639 crore on capital expenditure, compared to a total planned capital expenditure spend of Rs 18,240 crore for the entire financial year. 

With a steel making capacity of 28 MTPA, JSW Steel has become the country’s leading integrated steel company. Its manufacturing unit situated in Vijayanagar, Karnataka is the largest single location steel-producing facility in India. 

On Thursday, October 21, shares of JSW Steel settled 1.47 per cent lower at Rs 673.45 apiece on the BSE. 

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