JSW Steel records highest ever annual output, stock trading flat

Shares of JSW Steel Ltd were trading on a flat note today even as the metal major achieved its highest ever annual consolidated crude steel production of 26.43 million tonne, with a growth of 9% YoY. JSW Steel shares were trading at Rs 860.85 against the  previous close of Rs 856.50 on BSE. Market cap of the firm stood at Rs 2.10 lakh crore.

Crude steel production for Q4 FY24 climbed 3% (YoY) to 6.79 million tonne. Capacity utilisation at Indian operations level stood at 93% for Q4 FY24. JSW Steel USA – Ohio reported better volumes on QoQ as well as YoY basis.

The company achieved combined annual production of 26.68 million tonne against its guidance of 26.34 million tonne, which is a 101% achievement.

A total of 0.14 lakh shares of the firm changed hands amounting to a turnover of Rs 1.22 crore on BSE. JSW Steel stock has clocked 26.39% returns in a year. This year, the stock is down 1.64%.
The stock scaled a record high of Rs 895.60 on December 28, 2023 and a 52 week low of Rs 681.05 on April 10, 2023.

JSW Steel clocked a stellar set of earnings in Q3. Consolidated net profit climbed five times to Rs 2,415 crore in the December 2023 quarter. Consolidated revenue from operations surged 7.2 per cent year-on-year (YoY) to Rs 41,940 crore during the third quarter.

In terms of technicals, the relative strength index (RSI) of the stock stands at 59.2, signaling it's trading neither in the overbought nor in the oversold zone. The stock is trading higher than the 10 day, 20 day, 50 day 100 day, 150 day and 200 day moving averages.

EBITDA slipped 9% to Rs 7,180 crore in Q3 sequentially and EBITDA margin in the December 2023 quarter stood at 17.1 per cent. Steel sales rose 7 per cent YoY to 6MT and domestic sales were up 2% (YoY) to 5.27 MT.