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Business EconomyPosted at: May 27 2022 6:00PM


JSW Steel net profit in Q4 dips 20 pc, revenue surges 74 pc

Mumbai, May 27 (UNI) Billionaire Sajjan Jindal-led JSW Steel on Friday reported 20% decline in consolidated net profit at Rs 3,343 crore in quarter ending March 2022 (Q4FY22) as compared to Rs 4,191 crore in the corresponding period in previous financial year.

Total revenue from operations during Q4FY22 surged 74% to Rs 46,895 crore as compared to Rs 26,934 crore in Q4FY21.

The company said that its saleable steel sales for the quarter stood at 5.99 million tonnes, higher by 47% year-on-year (YoY).

"Revenue from operations stood at Rs 46,895 crores an increase of 74% YoY, with operating EBITDA at Rs 9,184 crores. The net profit after tax for the quarter was Rs 3,343 crores, after incorporating the financials of subsidiaries, joint ventures and associates," JSW Steel said in a statement on Friday.

The steel-maker said that subsequent to the year end a subsidiary in USA received a final arbitration order on its dispute with the lessors of coking coal mining lease and plant lease and a consequential notice of termination of lease.

"Accordingly, an impairment provision of Rs 710 crores is recorded towards the value of property, plant & equipment, goodwill, other assets and accrual of resultant liabilities," JSW Steel said.

During the quarter, the company's net debt reduced by Rs 9,662 crores.

For the financial year ending March 2022, JSW Steel recorded the highest ever annual net profit of Rs 20,938 crores as against Rs 7,873 crore in previous financial year registering a growth of 166% YoY.

The company's total revenue from operations stood at Rs 1,46,371 crores, up by 83% YoY.

The company board has recommended dividend at Rs 17.35 per equity share on the 241,72,20,440 equity shares of Rs 1 each for the year ended March 31, 2022, subject to the approval of the members at the ensuing Annual General Meeting.

Meanwhile, the board of directors of JSW Steel, Creixent Special Steels Limited (CSSL) and JSW Ispat Special Products Limited (JISPL) at their respective meetings held today approved a scheme of arrangement for the amalgamation of JISPL and CSSL with and into JSW Steel under the provisions of Sections 230 to 232 of the Companies Act, 2013.

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