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JSW Steel Q1 results: Steel maker posts record PAT of Rs 5,904 crore, beats estimates; revenue zooms 145%

MUMBAI: today’s highest quarterly aggregate report ever net profit was Rs 5,904 compared to a consolidated net loss of Rs 561 in the previous quarter. Consolidation of the company turnover from operating activities also hit a record high of Rs 28,902 crore, up 145% y/y.

Analysts expect the steelmaker to report a consolidated net profit of Rs 4,958 crore on sales of Rs 28,639.

The strong year-on-year growth in the quarter was supported by the low base rate of the previous quarter, which was severely impacted by the national lockdown to prevent the spread of the Covid-19 virus in the country. .

On a sequential basis, the company reported good earnings growth, suggesting that the second-wave impact on operations was minimal during the quarter. Total consolidated revenue from JSW Steel’s business grew 7.3% QoQ, while consolidated net profit increased 41%.

The steelmaker also reported its highest-ever quarterly operating profit for the June quarter of Rs 10,274 crore, reflecting the benefit of the steel companies’ price increases during the quarter.

JSW Steel said project execution at all company sites is picking up as the economy opens up following localization restrictions during the quarter and reverse labor migration. During the quarter, JSW Steel spent Rs 2,688 crore on capital expenditure, nearly 15% of total planned investment for the current financial year.

Shares of the company ended 0.1% higher at Rs 717.40 on the National Stock Exchange.

https://economictimes.indiatimes.com/markets/stocks/earnings/jsw-steel-q1-results-steel-maker-posts-record-pat-of-rs-5904-crore-beats-estimates-revenue-zooms-145/articleshow/84674839.cms | JSW Steel Q1 results: Steel maker posts record PAT of Rs 5,904 crore, beats estimates; revenue zooms 145%

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