JSW Steel Q4 Results Highlights: Net profit down 64% YoY at ₹1,322 crore, dividend declared

• Net Profit: ₹1,322 crore in Q4, ₹8,973 crore in FY24
• Revenue from operations: ₹46,269 crore in Q4, ₹1,75,006 crore in FY24
• Operating EBITDA: ₹6,124 crore in Q4, ₹28,236 crore in FY24
• Dividend of ₹7.30 per share

• Average India capacity utilisation of 92% in FY24, 93% in Q4.
• Consolidated crude steel production of 26.43 mt in FY24 (up 9% YoY), 6.79 mt in Q4 (up 3% YoY).
• Consolidated steel sales of 24.78 mt in FY24 (up 11% YoY), 6.73 mt in Q4 (up 3% YoY).

The company's board approved the acquisition of Minas de Revuboe Limitada (MDR), which will provide access to more than 800mt of premium hard coking coal reserves in Mozambique, JSW Steel said in an investor presentation.

The company said its board of directors recommended a final dividend of ₹7.3 per equity share of face value of Re.1/- each for the year ended March 31, 2024.

The dividend, if declared by the members at the 30th Annual General Meeting (AGM) of the Company, will be credited to the members, on or before 30 days subsequently. The date of AGM was not disclosed.

The operating earnings before interest, depreciation, taxes and amortisation (EBIDTA) stood at ₹6,124 crore in the March 2024 quarter. For the entire fiscal year, the operational EBIDTA came in at ₹28,236 crore.

JSW Steel Q4 Results LIVE Updates at 4:00 pm: Revenue from operations down 1.5% at ₹46,269 crore

The revenue from operations went down marginally by 1.5% year-on-year to ₹46,269 crore in the March 2024 quarter. In the year-ago period, the revenue from operations stood at ₹46,962 crore.

The net profit of JSW Steel has come in at ₹1,322 crore in Q4FY24, down 64% as compared to ₹3,664 crore in the year-ago period.

The shares of JSW Steel settled at ₹901.5 apiece on the NSE at the closing bell, up 1.7% as against the previous day's close.

The company, in FY24, logged its highest ever annual crude steel production of 26.43 million tonnes. This marked an increase of 9% as against FY23.

In Q4 alone, the consolidated crude steel production increased 3% year-on-year to 6.79 million tonnes, as per the business update shared last month.

Year-to-date, the shares have remained almost flat, growing by around 0.7%. However, the stock has rallied by 27% in the past one year period.

Shares of JSW Steel were edging higher at the bourses ahead of the results. The stock was trading at ₹910 apiece on the NSE at 12:15 pm, up 2.8% as against the previous day's close.

The company's revenue from operations is seen at ₹44,676 crore, according to the consensus estimate shared by Bloomberg. This is lower as compared to ₹46,962 crore in Q4FY23.

JSW Steel is expected to log a net profit of ₹1,661 crore in Q4FY24, as per the consensus estimate shared by Bloomberg. This is lower as compared to the net profit ₹3,664 crore reported in the year-ago quarter.

The steel manufacturing company's stock was trading flat in the first hour of session. The scrip was valued at ₹886.45 apiece on the NSE at 10:05 am, almost the same as compared to the last closing price of ₹886.40.

JSW Steel is expected to post a strong earnings scorecard, given that the company, in FY24, logged its highest ever annual crude steel production of 26.43 million tonnes. This marked an increase of 9% as against FY23.

In Q4 alone, the consolidated crude steel production increased 3% year-on-year to 6.79 million tonnes, as per the business update shared last month.

JSW Steel Q4 Preview

As per the estimates shared by Bloomberg, JSW Steel is expected to log a net profit of ₹1,661 crore in Q4FY24, which is lower as compared to ₹3,664 crore in the year-ago quarter.

The company's revenue from operations is seen at ₹44,676 crore, which is also lower as compared to ₹46,962 crore in Q4FY23.

JSW Steel Shares

On May 16, a day ahead of the release of Q4 results, the shares settled 1.5% higher at ₹884 apiece on the NSE.

Year-to-date, the shares have remained almost flat, growing by around 0.7%. However, the stock has rallied by 27% in the past one year period.