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JSW Steel Q2 net profit jumps 21% to Rs 2,536 crore, revenue from operations down 18%

JSW Steel Q2 results: Consolidated revenue from operations declined by 18.46 per cent to Rs 17,572 crore in Q2FY20, from Rs 21,552 crore in year-ago period

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JSW Steel Q2 net profit jumps 21% to Rs 2,536 crore, revenue from operations down 18%
JSW Steel Q2 results: As of September 30, 2019, the company has a net debt of Rs 49,640 crore as compared to Rs 47,767 crore during the June quarter

JSW Steel, the flagship company of JSW Group, has reported 21.51 per cent year-on-year growth in consolidated net profit at Rs 2,536 crore for the second quarter ended September 30, 2019. "The Sajjan Jindal-led company had posted consolidated net profit of Rs 2,087 crore during the same quarter last year," JSW Steel said in a filing to the Bombay Stock Exchange.

Consolidated revenue from operations declined by 18.46 per cent to Rs 17,572 crore in Q2FY20, from Rs 21,552 crore in year-ago period, the Mumbai-headquartered company said.

JSW Steel's consolidated operating EBITDA (earnings before interest, tax, depreciation and amortization) fell by 44.33 per cent to Rs 2,731 crore as against Rs 4,906 crore in the corresponding quarter last fiscal. The company's other income jumped nearly three-folds to Rs 156 crore, in comparison to Rs 56 crore in the year ago period, helped by higher treasury income driven by higher cash balance.

Also Read: HDFC Life Insurance Q2 profit rises 7.6% to Rs 309 crore, total premium up 10%

The financial cost in Q1FY20 increased to Rs 1,127 crore, as against Rs 963 crore in the corresponding quarter last fiscal, the JSW Group company said.

As of September 30, 2019, the company has a net debt of Rs 49,640 crore as compared to Rs 47,767 crore during the June quarter.

The company said that crude steel production decreased by 8 per cent y-o-y to 3.84 million tonnes, from 4.18 million tonnes in the year-ago period, while steel sales declined 9 per cent y-o-y to Rs 3.60 million tonnes.

Meanwhile, JSW Steel shares closed 1.39 per cent higher at Rs 222.65 apiece on the Bombay Stock Exchange.

Edited by Chitranjan Kumar

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