JSW Steel on Friday posted a 69 per cent jump in its consolidated net profit to Rs 4,516 crore for the quarter ended December, mainly on account of higher income. The firm had clocked a net profit of Rs 2,669 crore in the year-ago period, it said in a regulatory filing. Total income during the October-December quarter of the ongoing fiscal soared to Rs 38,225 crore from Rs 22,006 crore a year ago.
The expenses were also higher at Rs 31,986 crore as against Rs 18,120 crore. In a separate statement, the company said its crude steel production stood at 5.21 million tonnes (MT), while sales were at 4.63 MT during the period. Sharing details of its subsidiaries, JSW Steel said during the quarter, JSW Steel Coated Products registered production of 0.73 MT and sales volume of 0.77 MT. It reported a profit after tax (PAT) of Rs 346 crore for the quarter. Bhushan Power & Steel Ltd (BPSL), which became a subsidiary with effect from October 1, 2021, registered crude steel production of 0.64 MT and sold 0.58 MT of steel.
The subsidiary reported a PAT of Rs 1,018 crore for the quarter. In the US, at JSW Steel USA Ohio Inc, the electric arc furnace EAF-based operations produced 180,112 net tonnes of crude steel, with sales of 74,721 net tonnes of slabs and 92,557 net tonnes of HRC (hot rolled coil). The plate and pipe mill based in Texas produced 76,621 net tonnes of plates and 1,261 net tonnes of pipes. Its sales volumes for the quarter stood at 66,573 net tonnes of plates and 1,251 net tonnes of pipes. The company’s rolled long products manufacturing facility in Italy produced 120,070 tonnes of items and sold 113,957 tonnes during the quarter. It further said “the 5 MTPA brownfield expansion at Vijayanagar is progressing well, with civil works underway at the site. Long lead-time items have been ordered, and Letters of credit established. The project is expected to be completed by FY24.” Part of the O P Jindal Group, JSW Steel has presence in sectors such as steel, energy, infrastructure, cement and sports.