JSW Steel Ltd on Friday reported a profit of Rs 719 crore during the fiscal third quarter, posting a decline of 70.65 per cent from Rs 2450 crore recorded during the corresponding quarter of FY24, surpassing estimates. It posted revenue from operations at Rs 41,378 crore, down 1.34 per cent as against Rs 41,940 crore recorded during the third quarter of previous financial year. The company EBITDA stood at Rs 5579 crore. The EBITDA increased by 3 per cent QoQ as fall in steel realisations was offset by higher volumes and lower costs primarily coking coal.
According to a CNBC TV18 poll, JSW Steel was expected to report Q3 profit at Rs 573 crore and revenue for the quarter was estimated at Rs 40,545 crore.
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During the quarter, JSW Steel recorded consolidated crude steel production at 7.03 million tonnes, up 2 per cent YoY and 4 per cent QoQ. Capacity utilisation at India operations was 91 per cent during the quarter. The company said that the steel sales for the quarter stood at 6.71 million tonnes, higher by 12 per cent YoY and 10 per cent QoQ.
India operations Q3 performance
Crude steel production at the India operations for the quarter was at 6.82 million tonnes, up 3 per cent YoY as well as QoQ. Steel sales for the quarter, meanwhile, were 6.54 million tonnes, up 12 per cent YoY and 10 per cent QoQ. Domestic sales during Q3 were highest ever at 5.99 million tonnes, growing 8 per cent QoQ and 14 per cent YoY, supported by strong institutional and retail sales. Exports, it said, constituted 8 per cent of sales from the India operations for Q3 as against 7 per cent of sales in Q2FY25.
Operating EBITDA of the India operations was Rs 5564 crore during Q3, down 20 per cent YoY. The EBITDA per ton was Rs 8516 per ton and margin for the quarter was 14.1 per cent. Profit, meanwhile, was at Rs 1091 crore for the quarter, down 57 per cent YoY.
Performance across subsidiaries
Bhushan Power & Steel (BPSL): Crude Steel Production for the quarter stood at 0.96 million tonnes and finished steel sales were 0.88 million tonnes.
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