Posted on 11 May 2022
Domestic steel giant JSW Steel reported crude steel production for April 2022 at 16.67 lakh tonne, up 22 percent from 13.71 lakh tonne in April 2021, while the flat-rolled product output increased by 25 percent YoY to 12 lakh tonne, the company has said.
The company’s production of long-rolled products saw a growth of 5 percent to 3.54 lakh tonne, as against 3.37 lakh tonne in April 2021.
JSW Steel has also said it has started receiving power from renewable sources for Vijaynagar works since April under a long-term PPA signed with JSW Energy.
The roadmap for the next phase of growth includes a target of 37.5 MTPA steel capacity by FY25, JSW Steel said in a filing to BSE.
At 10.18 am, JSW Steel was trading at Rs 667, down Rs 10.90, or 1.61 percent, on the NSE.
According to the brokerage house ICICI Direct’s fourth quarter earnings forecasts (January-March ’22), JSW Steel is expected to report a net profit of Rs 4,242 crore, up 1% year on year, but down 6 percent quarter-on-quarter.
India’s second-largest steel manufacturer posted a jump in its consolidated net profit at Rs 4,357 for the quarter ended December 2021, registering a 62.5 percent year-on-year (YoY) growth from Rs 2,681 crore. On a sequential basis, the profit declined 39 percent from Rs 7,170 reported in the previous quarter.
Source:Money Control
