JSW Steel Ltd, on Friday, posted a consolidated net profit of Rs 3,664 crore for the March quarter. This is 13.29 per cent rise from Rs 3,234 crore a year ago, the company statement said.
The profit jumped as strong demand in the domestic market lifted steel consumption.
The company’s consolidated revenue from operation rose marginally to Rs 46,962 crore for the March quarter as compared to Rs 46,895 crore in the year-ago period.
In a regulatory filing, the company said, “the Board of Directors at its meeting held today has recommended a final dividend of Rs 3.40/- (Three Rupees & Forty Paise only) (340%) per fully paid-up Equity Share of Re 1/- each for the year ended 31.03.2023.”
“Total income rose to Rs 47,427 crore from Rs 47,128 crore in the year-ago quarter. Total expenses were at Rs 43,170 crore as against Rs 41,282 crore a year ago,” the company said in BSE filing.
On a standalone basis, JSW Steel's net profit rose to Rs 2,828 crore from Rs 2,737 crore in January-March 2022. Income was at Rs 37,705 crore as against Rs 36,427 crore in the same period a year earlier.
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Expenses on standalone basis were at Rs 33,767 crore as against Rs 31, 646 crore a year ago.
In a separate statement, JSW Steel said its overall crude steel production was at 6.58 million tonne (MT) during Q4 FY23, up 13 per cent over the year- ago period. Sales during the quarter also rose 9 per cent year-on-year to 6.53 MT.
"Its net debt as of March 31, 2023 stood at Rs 59,345 crore, lower by Rs 10,153 crore against December 31, 2022 due to healthy cash generation and release of working capital," JSW Steel said.
The board has recommended a dividend of Rs 3.40 per equity share of face value of Re 1 each for the year ended March 31, 2023. The total outflow on account of this dividend will be Rs 822 crore.
The company further said the 5 MTPA brownfield expansion at Vijayanagar plant is progressing well, with construction activities and equipment erection for all packages underway. The project is expected to be completed by the end of FY24.
Further, Phase-I expansion from 2.75 MTPA to 3.5 MTPA at Bhushan Power & Steel Ltd, owned by JSW Steel, was completed in FY23. Phase-II expansion to 5 MTPA is on track for completion in FY24.
The company's domestic capex spend was Rs 3,507 crore during Q4 FY23, and Rs 14,214 crore for FY23, against the revised planned amount of Rs 15,000 crore for the year.
JSW Steel is among the top six steel manufacturers in India.
(With inputs from PTI)