JSW Steel Q2 net profit falls more than 85% to ₹404 crore; output grows 7% to 6.77 MT
The Hindu
JSW Steel reports 85.43% profit fall in Q2 FY25 due to lower income, capex, and global market challenges.
Steelmaker JSW Steel on Friday (October 25, 2024) reported a steep fall of 85.43% in its consolidated net profit at ₹404 crore in the July-September quarter of the current fiscal, affected by lower income.
The company had posted a net profit of ₹2,773 crore in the second quarter of the last financial year. “The total income decreased to ₹39,837 crore in the second quarter of the current fiscal as against ₹44,821 crore a year ago,” JSW Steel said in a regulatory filing.
JSW Steel's expenses were lower at ₹38,644 crore in the quarter under review against ₹40,801 crore in the year-ago quarter.
In a statement, the company said its net debt stood at ₹85,098 crore as of September 30, higher by ₹4,899 crore as against June 30 due to capex on ongoing expansion projects, acquisition of an effective stake of 20% in Illawarra coking coal asset and increase in working capital.
The company’s capex spend during Q2 FY25 stood at ₹3,384 crore and the total spend for H1 stood at ₹7,850 crore.
"We now expect consolidated capex for FY25 to be ₹16,000-17,000 crore as against the earlier estimate of ₹20,000 crore mainly due to the transfer of Slurry Pipeline project to JSW Infrastructure and rescheduling the BF-3 expansion to next year," the company said.
The company produced 6.77 million tonnes (MT) of crude steel in July-September 2024, up 7% compared to 6.34 MT in the same quarter of FY23. Sales decreased by 4% to 5.96 MT in the quarter from 6.34 MT a year ago. Exports contributed 7% from India operations.
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