Saturday, May 28 2022 | Time 01:43 Hrs(IST)
Business Economy

JSW Steel Q3 PAT jumps 69 per cent to Rs 4516 crore

Mumbai, Jan 21 (UNI) Sajjan Jindal-led JSW Steel on Friday reported a 69.2 per cent increase in consolidated net profit for the quarter ended December 31, 2021 at Rs 4516 crore.
The company had reported a PAT of Rs 2669 crore in the corresponding quarter last fiscal.
Its revenues from operations increased to Rs 38,071 crore from Rs 21,859 crore in Q3 FY 2021.
During the quarter, JSW Steel reported consolidated crude steel production of 5.21 million tonnes (excluding the JSW Ispat Special Products joint venture), while the saleable steel sales for the quarter stood at 4.63 million tonnes (excluding JSW Ispat Special Products joint venture).
It registered strong VASP (value-added and special products) volume, driven by increased domestic sales to automotive, solar and appliance segments.
The company’s consolidated net debt to equity (post consolidation of BPSL) stood at 1.02x at the end of the quarter. “This is after incurring capex of Rs 4,026 crores during the quarter and consolidation of BPSL,” it said.
On its ongoing expansion, the company said the 5 MTPA brownfield expansion at Vijayanagar is progressing well, with civil works underway at the site. The project is expected to be completed by FY2024.
The downstream expansion projects at Vijayanagar, Vasind and Tarapur are in advanced stages of implementation, with several lines having been commissioned in 9M FY2022, the company said.
The company’s spent Rs 4,026 crore during Q3 FY2022 in capex taking the total to Rs 10,353 crore for 9M FY2022, against a total planned capex spend of ₹18,240 crore for FY2022. During Q3 FY2022, BPSL incurred a capex of Rs 180 crore.
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