JSW Steel limited stock gained nearly 4% during early morning trade on the NSE, despite a weak financial performance in the fourth quarter of the financial year ended March 31, 2024.
The Company reported a 64.5% decrease in net profit to Rs 1,299 crore for the quarter ended March 31, 2024, along with a 1.5% dip in revenue to Rs 46,269 crore compared to the previous fiscal period.
The decline was attributed to higher coking coal prices and reduced realisations in the domestic steel market.
Further, JSW Steel’s board approved a plan to raise funds to Rs 7,000 crore through non-convertible debentures (NCDs) with warrants, equity, or convertible shares. The Company also declared a dividend of Rs 7.30 per share.
As per its recent exchange filing, the company also reported the following points –
- During the quarter, the Company’s consolidated crude steel production stood at 6.79 million tonnes, with a total investment of Rs 3,503 crore in consolidated capital expenditures.
- The average capacity utilisation in India was 93% in Q4 and 92% for the full fiscal year 2024.
- Additionally, the Company produced 6.79mt of crude steel in Q4, marking a 3% increase from the previous year. For FY24, crude steel production was 26.43mt, a 9% increase from the prior year.
- The steel sales for Q4FY24 were 6.73mt, up 3% from the previous year, and for the full year FY24, sales were 24.78mt, up 11% from the prior year.
- Furthermore, the Company approved the acquisition of Minas de Revuboe Limitada (MDR), providing access to more than 800mt of premium hard-coking coal reserves in Mozambique.
- The Company was also recognised as the Steel Sustainability Champion by the World for the sixth consecutive year and received leadership ratings in CDP Ratings for Water Security and Climate Change.
- Great Places to Work acknowledged them as India’s Best Workplace in Health and Wellness 2023.
At 12:28 pm, the shares of JSW Steel were trading 3.45% higher at Rs 921.30 on NSE.
