JSW Steel Q4 results: Profit jumps 11.9% to Rs 3,741 crore; steelmaker declares Rs 3.40 dividend

JSW Steel on Friday reported a 11.9 per cent year-on-year (YoY) rise in consolidated net profit at Rs 3741 crore compared with Rs 3,343 crore in the same quarter last year. Net sales for the quarter grew 0.14 per cent YoY to Rs 46,962 crore from Rs 46,895 crore in the corresponding quarter last year.

JSW Steel said it recorded highest ever crude steel production at 6.58 million tonnes for the quarter, up 6.8 per cent sequentially. This was mainly due to  a ramp-up of the 5 mtpa Dovli Phase II, which achieved capacity utilisation of 91 per cent. BPSL also saw ramp-up from 2.75 mtpa to 3.5 mtpa. The quarter also saw highest ever saleable steel sales of 6.53 million tonnes, JSW Steel said.

JSW Steel said its performance was better sequentially, mainly due to higher volumes, better realisations and lower energy prices. While the global economic scenario remains challenging, India is seeing healthy steel demand growth, which will support the company's performance in the quarters to come, the company said.   

Net debt to equity stood at 0.89 times while net debt to Ebidta stood at 3.2 times. JSW Steel announced a final dividend of Rs 3.40 per share. The dividend, if declared by the members at the 29th Annual General Meeting (AGM) of the company, will be credited/despatched to the members, subject to deduction of tax at source, on or before 30 days from the date of Annual General Meeting.

JSW Steel said the Mumbai Bench of National Company Law Tribunal, has approved the resolution plan submitted by JSW Steel Coated Products, a wholly owned subsidiary of JSW Steel in respect of the corporate insolvency resolution process of National Steel & Agro Industries under the Insolvency & Bankruptcy Code, 2016. 

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