JSW Steel Q4 results, Profit plunges by 64.5%

JSW Steel has reported a 64.5 percent decline in its net profit to Rs 1,299 crore for the March quarter, due to lower revenues, and one-time tax costs.

The steel major company has reported a consolidated net profit of Rs 1,299 crore, down from Rs 3,664 crore reported a year ago in the current financial year. The net sales for the company also fell 1.5 percent year-on-year (Y-o-Y) to Rs 45,646 crore.

Moreover, JSW Steel’s net profit fell 46.2 percent and the net sales rose 10.4 percent.

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The expenses for the period rose by three percent. JSW Steel has achieved a combined annual production of 26.68 million tonnes in FY24. JSW Steel has also approved fund-raising of up to Rs 7,000 crore through Non-Convertible Debentures, with warrants that are convertible into or exchangeable with equity shares through a Qualified Institutional Placement.

In addition to this, the company has also announced the appointment of Swayam Saurabh as the chief financial officer (CFO Designate), who will take over from Rajeev Pai next month, as he moves to a new role within the organization.

 

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