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    JSW Steel Q4 Results: Profit falls 20% YoY to Rs 4,191 crore, revenue rises 74%

    Synopsis

    The Board of Directors recommended a final dividend of Rs 17.35 per share. The dividend, if declared by the members at the 28th Annual General Meeting (AGM) of the Company, will be credited to the members, subject to deduction of tax at source, on or before 30 days from the date of AGM.

    JSW steelAgencies
    NEW DELHI: JSW Steel on Friday said its consolidated net profit for the quarter ended March stood at Rs 3,343 crore, down 20.23 per cent compared to Rs 4,191 crore in the same quarter last year.

    The numbers were lower as the company recorded an exceptional loss of Rs 741 crore. The profit figure was also lower than ET Now analysts’ poll projection of Rs 4,100 crore.

    The above-mentioned one-time loss relates to a subsidiary company in the USA that received a final arbitration order on its dispute with the lessors of the coking coal mining lease and plant lease and a consequential notice of termination of lease.

    “Accordingly, an impairment provision of Rs 722 crore is recorded towards the value of the loans given to overseas subsidiary,” the firm said.

    The total revenue from operations stood at Rs 46,895 crore during the quarter, jumping 74.11 per cent from Rs 26,934 crore.

    The Board of Directors recommended a final dividend of Rs 17.35 per share. The dividend, if declared by the members at the 28th Annual General Meeting (AGM) of the Company, will be credited to the members, subject to deduction of tax at source, on or before 30 days from the date of AGM.

    For the quarter, the company said, it recorded the highest ever quarterly crude Steel production at 5.8 lakh metric tons, up by 11 per cent QoQ and 38 per cent YoY.

    It also recorded the highest ever quarterly saleable steel sales at 5.99 metric tons, up by 29 per cent QoQ and 47 per cent YoY. Operating Ebitda came in at Rs 9,184 crore, up by 1 per cent QoQ and 9 per cent YoY.

    The company's consolidated net gearing (Net Debt to Equity) stood at 0.83x at the end of the quarter (vs 1.02x at the end of 30 FY2022) and Net Debt to EBITDA stood at 1.45x (vs 1.73x at the end of 3Q FY2022). During the quarter, net debt reduced by Rs 9,662 crore, the company said.

    jsw1ETMarkets.com

    “Even as growth estimates have been revised downwards, India is expected to be the fastest-growing major economy in the world. Infrastructure and manufacturing initiatives by the government are supportive of growth, and healthy tax collections provide the government with enhanced flexibility. Outlook for auto sales, especially PVs and M&HCV, remains healthy. The real estate market remains strong despite rising interest rates. Healthy power consumption growth is expected to aid the addition of renewables. However, high inflation, energy costs, and rate hikes by the RBI and global central banks will be dampeners to growth,” said JSW Steel.

    jsw2ETMarkets.com




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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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