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JSW Steel Q1FY24 results: Net profit rises 189%, revenue jumps 10.3%

The company's profit in the June quarter was, however, lower than Rs 3,741 crore in the previous quarter

JSW Steel

Photo: Kamlesh Pednekar

BS Web Team New Delhi

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Steel major JSW Steel on Friday reported a 189.3 per cent rise in its net profit in the quarter that June 30 to Rs 2,428 crore as compared to Rs 839 crore in the same quarter last year. 

Its revenue from operations during the period was up 10.3 per cent to Rs 42,213 crore from Rs 38,086 crore last year. 

The company's profit in the June quarter was, however, lower than Rs 3,741 crore in the previous quarter, which ended on March 31. 

Earlier, the company's chairman Sajjan Jindal said that it is aiming to nearly double its capacity to 50 million tonnes in the next three years. The company is also aiming to shift to renewable sources of power to fire the entire 50 million tonnes of production.

Currently, JSW Steel has a capacity of 28 million tonnes and according to Jindal, next year it will be 37 million tonnes. 

"At JSW Steel, we would probably be the first steel company in the world which will be 50 million tonnes capacity and operate 100 per cent on renewable power, that is the plan we are doing," Jindal said.

It posted an 11 per cent year-on-year growth in consolidated steel production at 6.43 MT during the first quarter of this financial year. JSW Steel had produced 5.77 million tonnes (MT) of steel during the April-June period of the preceding 2021-22 fiscal, JSW Steel said in a statement.

Additionally, according to a report by Bloomberg, JSW Steel is considering a bid for a stake of up to 20 per cent in Canada's Teck Resources steelmaking coal business.

The Indian steelmaker is in discussions with banks over potential financing for the acquisition, which may total about $2 billion, the report said, adding that the discussions are at an early stage and details such as price and timing could change.

As of 11:55 am, JSW Steels stock was trading 1.8 per cent in the green at Rs 814.05.

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First Published: Jul 21 2023 | 11:58 AM IST

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