JSW Steel saw a decline of 22.96% in its consolidated bottom line for the quarter ended March 2022 (Q4FY22). The owners had a net profit of the company 3,234 crore in Q4FY22 as compared to 4,198 crore in the same quarter last year.
JSW Steel’s PAT in the December 2021 quarter stood at 4,357 crore.
meanwhile, company Has earned highest ever revenue from operations on a consolidated basis 46,895 crore in Q4FY22. Revenue climbed 74% 26,934 crore in Q4FY21 and an increase of 23% from 38,071 crore in the previous quarter.
On a consolidated basis, JSW Steel posted the highest ever quarterly crude steel production of 5.81 million tonnes, up 11% QoQ and 38% YoY. While sales of salable steel stood at the highest at 5.99 million tonnes, a growth of 29% QoQ and 47% YoY.
JSW Steel in its audit report said that during the fourth quarter of FY 2021-22, the global economy witnessed significant volatility due to geopolitical tensions between Russia and Ukraine and persistent disruptions in the supply chain. Even as India’s trade and economic activity strengthened following a steady decline in Covid cases and normalization of activity, inflation picked up in line with global trends, accelerated by a sharp rise in energy prices.
Further, JSW Steel said that with the government’s continued focus on public infrastructure, the demand from the domestic steel industry has remained consistent. Investments in the construction and infrastructure sectors continued to support steel consumption. Hence the steel industry witnessed a growth of 7.2% in the consumption of finished steel in the fourth quarter of FY 2021-22 as compared to the previous quarter.
JSW Steel highlighted that due to this strong demand environment, the company delivered a strong set of numbers, achieving average capacity utilization of 98% for the quarter, up from existing standalone operations of 94% in the third quarter to 94 was % and was further complemented. By ramping up the expansion of Dolvi Phase-II.
For FY23, JSW Steel expects total combined crude steel volumes to be 25 million tonnes, while sales are estimated at 24 million tonnes.
The company’s board has recommended dividend 17.35 per equity share of 241,72,20,440 equity shares 1 each for the year ended 31st March, 2022, subject to the approval of the members at the ensuing Annual General Meeting.
The total outflow on account of equity dividend will be 4,194 crore as against 1,571 crore was paid for FY2021.
Close on JSW Steel on BSE 548.65 each, down 0.54%.