JSW Steel Q1 Results: Profit plunges 86% YoY to Rs 838 crore even as revenue jumps

NEW DELHI: JSW Steel on Friday reported a consolidated net profit of Rs 838 crore for the June quarter, after incorporating the financials of subsidiaries, joint ventures and associates. This was 85.80 per cent lower than Rs 5,904 crore profit the steel maker reported in the same quarter last year.

This is even as the company reported a 30.89 per cent YoY rise in revenue from operations at Rs 37,500 against Rs 28,432 crore in the same quarter last year.

Ebitda margin for the quarter came in at 11.31 per cent. The company said its margin fell for the quarter due to lower volume of sales and one-off items such as forex loan translation losses.

Saleable steel sales for the quarter stood at 4.49 million tonnes, down 25 per cent sequentially hurt by a sharp reduction in exports due to levy of export duty and fall in apparent consumption due to destocking at the user level.

JSW Steel said its net debt to equity ratio stood at 0.98 times at the end of the June quarter compared with 0.83 times at the end of the March quarter. A significant portion of increase in debt was mainly due to locking up of working capital in inventory, the company told BSE.