JSW Steel posts record profit of Rs 5,904 cr in Apr-Jun

JSW Steel on Friday reported a record quarterly consolidated net profit of Rs 5,904 crore in April-June quarter of current fiscal year as against a consolidated net loss of Rs 561 crore in the year-ago quarter.

The firm's revenue from operations also hit a record high of Rs 28,902 crore in Q1 of current fiscal, up 145 per cent year-on-year. Total income during the quarter under review jumped to Rs 29,100 crore from Rs 11,914 crore in the same period of the preceding financial year. Expenses were at Rs 20,804 crore as against Rs 12,504 crore a year ago.

The steelmaker witnessed a strong year-on-year (YoY) growth during the quarter on the back of a low base in the year-ago quarter. The company's financials were severely affected by the COVID-19 pandemic, lockdowns and other restrictions in June quarter last year.

The firm reported a record quarterly operating net profit of Rs 10,274 crore in Q1 of FY22. It said project execution is picking up across the country as the economy reopens following easing of COVID-19 induced lockdowns and reverse migration of labourers.

JSW Steel spent Rs 2,688 crore on capital expenditure during Q1 of FY22, nearly 15 per cent of the firm's designated capex for the current fiscal.

Shares of JSW Steel closed  0.1 per cent higher at Rs 711.40 on the NSE on Friday.

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