Billionaire Sajjan Jindal led JSW Steel Ltd reported a 11.9 per cent rise in net profit for the fourth quarter of the last fiscal as the company benefited from higher sales volume offsetting slump in steel prices and margins.
Net profit stood at Rs 3,741 crore in Q4FY23, compared with Rs 3,343 crore in the same period of the previous year on a consolidated basis. Revenue from the operations stood at Rs 46,962 crore, marginally up from Rs 46,895 crore recorded in Q4FY22.
For the full year, profit was down by 80.2 per cent to Rs 4,139 crore in FY23 compared with Rs 20,938 crore in FY22 as steel prices fell globally after reaching a record high.
Crude steel production and sales stood at 6.77 million tonnes (mt) and 6.7mt respectively compared with 5.98mt production and 6.15mt of sales in Q4FY22. JSW benefited from the gradual ramp-up of 5mt capacity expansion at Dolvi, Maharashtra and increased volume from BPSL, supported by rising apparent Indian steel consumption.
