JSW Steel logs Rs 5,900-cr profit in Q1

By: |
July 23, 2021 6:10 PM

The decline in cases from June, with an aggressive vaccination push has brightened the near-term prospects of the Indian economy, the company said.

In the US, JW Steel USA Ohio Inc's EAF-based (electric arc furnace) steel manufacturing facility recommenced operations in March 2021 following an upgrade, and is ramping up well.

JSW Steel on Friday posted a consolidated net profit of Rs 5,900 crore for June quarter 2021-22, mainly on account of higher income.

In the year-ago period, the company reported a consolidated net loss of Rs 582 crore, JSW Steel said in a BSE filing.

Total income during the quarter under review jumped to Rs 29,100 crore from Rs 11,914 crore in the same period of the preceding financial year.

Expenses were at Rs 20,804 crore as against Rs 12,504 crore a year ago.

In a separate statement, JSW Steel said it produced 4.10 million tonne steel during the quarter under review and sold 3.61 MT steel. India was impacted by the second wave of the pandemic during April and May 2021.

The decline in cases from June, with an aggressive vaccination push has brightened the near-term prospects of the Indian economy, the company said.

During the second wave of COVID, JSW Steel ramped up various support and relief measures to help the communities and the nation.

The company further said during the quarter, the CDQ-2 (Coke Dry Quenching) project was commissioned at its Dolvi Works plant in Maharashtra, while completion work pertaining to the blast furnace and steel melt shop is ongoing and full integrated operations are expected to commence from September 2021.

Other expansion projects at Vijayanagar, Vasind and Tarapur are also progressing well, it said.

During April-June 2021, the company said it spent Rs 2,688 crore on capital expenditure against a total planned capex spend of 18,240 crore for 2021-22.

In the US, JW Steel USA Ohio Inc’s EAF-based (electric arc furnace) steel manufacturing facility recommenced operations in March 2021 following an upgrade, and is ramping up well.

During first quarter of 2021-22, it produced 150,539 net tonne of slabs. Sales volumes for the quarter stood at 52,391 net tonne of slabs and 62,678 net tonne of hot rolled coil (HRC).

The plate and pipe mill based in Texas, US produced 78,648 net tonne of plates and 5,685 net tonne of pipes.The sales volumes for the quarter stood at 67,467 net tonne of plates and 4,935 net tonne of pipes.

The company’s Italy-based rolled long products manufacturing facility produced 74,253 tonne and sold 59,085 tonne during the quarter.

Part of JSW Group, JSW Steel Ltd has significant presence in sectors such as steel, energy, infrastructure, cement, and sports among others.

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