JSW Steel logs highest-ever quarterly net profit of Rs 5,900 cr in Q1

JSW Steel on Friday reported its highest-ever consolidated net profit of Rs 5,900 crore for the June quarter (Q1FY22) as against a loss of Rs 582 crore in the same quarter last year.

Its revenue from operations rose by a massive 145 per cent to Rs 28,902 crore for the reporting quarter as against Rs 11,782 crore in the corresponding quarter of last year.

The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) came in at Rs 10,274 crore, with an EBITDA margin of 35.5 per cent.

Saleable steel sales for the quarter stood at 3.47 million tonnes and the company increased exports by 14% QoQ to partially offset the fall in domestic demand due to second wave.

During the quarter, the steel major spent Rs 2,688 crore on capital expenditure against a total planned capex spend of over Rs 18,000 crore in FY22.

Ahead of the results, the company’s scrip closed flat at Rs 717 on NSE.

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