JSW Steel Limited has reported its results for the Second Quarter ended 30th September 2020. Following the 66% capacity utilisation in the first quarter of Fiscal year 2021 marked by nationwide lockdown, disrupted supply chains and steep drop in demand, second quarter witnessed a sharp rebound in business sentiments and a significant improvement in the domestic economic activities spurred by slew of monetary and fiscal initiatives. The company achieved an average capacity utilisation level of-86% for the quarter. This is in line with that of pre-Covid levels of 85% 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 by 47% QoQ triggered by revival in domestic demand. The volume of value added & special steel sales was at 51% of the total sales propelled by an increase in sales to auto and coated products segments by 392% and 83% respectively. The retail sales increased by -177% QoQ supported by the branded sales increase of 153% QoQ.

Key highlights for 2Q FY2021:

Standalone Performance:
Crude Steel production: 3.85 million tonnes, 30% QoQ growth
Saleable Steel sales: 4.12 million tonnes, 47% QoQ growth
Revenue from operations: INR 16,797 crores
Operating EBITDA: INR 4,176 crores, 24.9% of Revenue
Net profit aftertax: INR 1,692 crores

Consolidated Performance:
Saleable Steel sales: 4.15 million tonnes, 49% QoQ growth
Inventory dilution 0.48 million tonnes
Revenue from operations: INR 19,264 crores
Operating EBITDA: INR 4,414 crores
Net profit after tax: INR 1,595 crores

Particulars	Q2'20-21	Q2'19-20	YoY	H1'20-21	H1'19-20	YoY
Production: Crude Steel	3.85	3.84	-	6.81	8.08	-16%
Sales: - Rolled: Flat	3.12	2.58	21%	5.11	5.25	-3%
Sales: - Rolled: Long	0.77	0.85	-9%	1.23	1.78	-31%
Sales: - Semis	0.22	0.17	27%	0.58	0.33	78%
Total Saleable Steel	4.12	3.60	14%	6.92	7.35	-6%

JSW Steel Coated Products:
During the quarter, JSW Steel Coated Products registered a production volume of 0.51 million tons and sales volume of 0.61 million tonnes. Revenue from operations and Operating EBITDA for the quarter stood at ?3,782 crores and ?288 crores respectively. It reported a Net profit after Tax of ?172 crores for the quarter.

US Plate and Pipe Mill:
The US based Plate and Pipe Mill facility produced 54,137 net tonnes of Plates with a capacity utilization of 22%, during the quarter. Pipe Mill is under care and maintenance. Sales volumes for the quarter stood at 51,719 net tonnes of Plates and 447 net tonnes of Pipes. It reported an EBITDA of US$ 17.24 million (including one off credits) for the quarter

JSW Steel USA Ohio Inc. (Acero):
The US based HR coil manufacturing facility produced 4,501 net tonnes of HRC during the quarter. Sales volumes for the quarter stood at 20,837 net tonnes. EBITDA loss for the quarter was US $10.52 million. As previously announced, the company has idled the operations to undertake a furnace upgrade project. The upgrades are underway which should improve reliability of equipment and lower conversion costs. The US operating EBITDA includes an amount of US $ 30.4 million income recognised from one time disputed claims settlement and Government Grant received.

JSW Steel (Italy) S.r.l. (Aferpi):
The Italy based Rolled long products manufacturing facility produced 72,632 tonnes and Sold 58,136 tonnes of various steel products during the quarter. It reported an EBITDA loss of Euro 12.59 million for the quarter.