JSW Steel’s net profit soars over 1,700% to Rs 4,198 crore in March quarter

reported over 1,700 per cent year-on-year increase in consolidated net profit at Rs 4,198 crore for the March quarter (Q4FY21), mainly due to strong domestic demand supplemented by exports and improved steel prices. It was Rs 231 crore in the corresponding quarter of the pervious year (Q4FY20).

Revenue from operations came in at Rs 26,934 crore for the quarter under review, an increase of over 50 per cent from Rs 17,887 crore in the same period last year.

The Board has recommended a dividend of Rs 6.50 per equity share of Re. 1 each for the year ended 31 March 2021.

The operating profit or EBITDA for the March quarter at Rs 8,440 crore. The company said its debt has come down by Rs 858 crore even after spending on capex expenditure and acquisitions aggregating to around Rs 15,000 crore during FY 2021.

JSW Steel’s scrip was marginally up (0.37 per cent) in afternoon trade at Rs 697.10 on NSE.

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