JSW Steel gains over 2% on highest ever crude steel production in FY24
Upstox
2 min read • Updated: April 8, 2024, 3:38 PM
Summary
JSW Steel posted a decent single-digit rise in crude steel production during the final quarter of FY24, with the consolidated production growing by 3% YoY to 6.79 MT in March quarter compared to 6.58 MT in the same period last year.
JSW Steel Ltd shares gained more than 2% after the company reported a stellar growth in its consolidated crude steel production in the financial year 2023-24 (FY24), exceeding its annual production guidance for the period.
The steel producer reported its highest ever annual consolidated production of crude steel in the March 31, 2024, ended financial year, at 26.43 million tons (MT), recording a growth of 9% on a year-on-year (YoY) basis.
The company’s steel production from JSW Steel USA came in strong too in FY24 at 0.87 MT, sharply jumping by 63% year-on-year. Better volumes were seen in the company’s Indian operations too in FY24, with an 8% year-on-year growth at 25.55 MT compared to 23.62 MT a year ago.
JSW Steel posted a decent single-digit rise in crude steel production during the final quarter of FY24, with the consolidated production growing by 3% YoY to 6.79 MT in March quarter compared to 6.58 MT in the same period last year. The figure dipped marginally by 1% on a quarter-on-quarter (QoQ) basis from 6.87 MT from the December 2023-ended quarter.
The crude steel production from JSW Steel USA grew 19% YoY in the fourth quarter of FY24 to 0.25 MT from 0.21 MT from the corresponding quarter of the previous fiscal year, while climbing 3% on a QoQ basis.
The company in its March quarter business updates informed the stock exchanges that its capacity utilisation at the Indian operations level stood at 93% for the quarter ended March 31, 2024.
Further, JSW Steel reported a 101% achievement in its combined annual production of 26.68 MT as compared to the company’s guidance of 26.34 MT.
The merger of the joint venture Creixent Special Steels Ltd, subsidiary JSW Ispat Special Products Limited (JISPL) with the company came into effect on July 31, 2023, while the production volumes have not been restated for the earlier periods, the company informed the stock exchanges.
Shares of JSW Steel were trading 2.09% higher at ₹875 per piece on the National Stock Exchange (NSE) at 2:53 pm.