Q3 Results: JSW Steel on Friday reported a consolidated net profit for the December 2024 quarter at ₹719, a decline of 70% year-on-year (YoY) compared to ₹2450 crore in the year-ago quarter.
However, on a sequential basis, JSW Steel’s net profit increased by 78% versus ₹404 crore during the September quarter.
JSW Steel’s revenue from operations during the October to December 2024 quarter came at ₹41,378 crore, as against ₹41,940 crore in the year-ago quarter. However, on a sequential basis, the revenue increased by 4% compared to ₹39,837 crore in the September 2024 quarter.
Operating performance improves sequentially
The operating earnings before interest tax depreciation and amortisation (EBITDA) was at ₹5,579 crore, an increase of 3% sequentially as a fall in steel realisations was offset by higher volumes and lower costs primarily coking coal, as per the company. The operating EBITDA, however, dipped sharply compared to ₹7,180 crore in the year-ago quarter mainly due to a rise in costs, while sales realisations have not improved much.
Firm Domestic volumes
Consolidated Crude Steel Production for the quarter at 7.03 million tonnes, higher by 2% YoY and 4% sequentially mainly driven by capacity utilisation at the Indian operations that came at 91% during the quarter. Steel sales for the quarter stood at 6.71 million tonnes, higher by 12% YoY and 10% QoQ.
The Crude Steel Production at the Indian operations for the quarter stood at 6.82 million tonnes, up 3% YoY as well as on a sequential basis. Steel Sales (including exports) for the quarter were 6.54 million tonnes, higher by 12% YoY and 10% sequentially. Domestic sales at 5.99 million tonnes, growing 8% sequentially and 14% year on year, which as per JSW Steel were supported by strong Institutional and Retail sales
Debt declines sequentially
Net Debt as of 31st December 2024 stood at ₹80,921 crore, lower by ₹1,884 crore as against September 30, 2024. At the end of the quarter, Net Debt to Equity stood at 1.00 times as against 1.01 times at the end of Q2 FY25. In the year-ago quarter, net debt to equity was at 1.02 times.
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