JSW Steel Q2 results: Profit falls 38% YoY to Rs 1,593 crore, beats Street estimates

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NEW DELHI: JSW Steel on Friday posted a 37.77 per cent year-on-year (YoY) fall in net profit at Rs 1,593 crore for the quarter ended September 30. Analysts polled by ETNOW had projected the figure at Rs 1,005 crore.

The company had posted a profit of Rs 2,560 crore for the corresponding quarter last year.

Total revenue increased by 9.63 per cent YoY to Rs 19,264 crore.

The company achieved an average capacity utilisation level of around 86 per cent for the quarter. This is in line with that of pre-Covid levels of 85 per cent achieved in the second quarter of the previous year.

Crude steel production during the period stood at 3.85 million tonnes. Saleable steel sales for the quarter was 4.12 million tonnes that grew around 47 per cent QoQ, triggered by revival in domestic demand.

“The volume of value added and special steel sales was at 51 per cent of the total sales propelled by an increase in sales to auto and coated products segments by 392 per cent and 83 per cent respectively,” JSW Steel said in a release.

JSW Steel further added that it is on course to meet the annual guidance of 15 million tonnes of saleable steel.

The company announced its results post market hours. Earlier, shares of JSW Steel settled 1.44 per cent down at Rs 321.05 ahead of financial results. On the other hand, the benchmark BSE Sensex settled 0.31 per cent higher at 40,685.

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