JSW Steel profit grows 12 pc to Rs 3,741 cr in March quarter

Mumbai (Maharashtra) [India], May 20 : JSW Steel has posted an 11.70 per cent rise in its net profit at Rs 3,741 crore for March quarter 31, 2023, against Rs 3,343 crore in the year-ago period.

According to stock exchanges' filing, total income rose to Rs 47,427 crore from Rs 47,128 crore in the year-earlier quarter. The company also said total expenses were at Rs 43,170 crore as against Rs 41,282 crore a year earlier.

"While the global economic scenario remains challenging, India is seeing healthy steel demand growth which will support the company's performance in the coming quarters," the company said.

On a standalone basis, net profit surged Rs 2,828 crore from Rs 2,737 crore in January.

The company further said the 5 MTPA brownfield expansion at Vijayanagar plant is progressing well, with construction activities and equipment erection for all packages underway. The project is expected to be completed by the end of 2023-24 (FY24).

Domestic capex spend was at Rs 3,507 crore during the quarter under review, and Rs 14,214 crore for FY23, against the revised planned amount of Rs 15,000 crore for the year.

The company further said the 5 MTPA brownfield expansion at Vijayanagar plant is progressing well, with construction activities and equipment erection for all packages underway. The project is expected to be completed by the end of FY24.

The board has recommended a dividend of Rs 3.40 per equity share of face value of Rs 1 each for the year ended March 31, 2023. The total outflow on account of this dividend will be Rs 822 crore.

On Friday, JSW Steel said Jayant Acharya had been elevated to the post of Joint Managing Director and Chief Executive Officer of the company with immediate effect.

Until now, Acharya was heading the post of Deputy Managing Director at the company, JSW Steel said in a statement.

Standalone financial statements provide information about an individual company, while consolidated financial statements provide information about a group of companies.