Shares of JSW Steel rose by 2 per cent ahead of the announcement of robust quarterly results in 2021. The steel manufacturer's net profit increased to Rs 5,900 crore.
New Delhi (Anish Yande): Shares of JSW Steel rose by 2 per cent on Friday's trading session ahead of the announcement of robust quarterly results in 2021. JSW Steel shares opened at Rs 726 per share from its previous close of Rs 716 per share on Thursday. The shares of the steel manufacturer's rose to an intraday high of Rs 727 per share. The market cap of the company rose to Rs 173,447 crore.
JSW Steel increases to Rs 5,900 crore:
JSW Steel reported a consolidated net loss of Rs 582 crore in the corresponding quarter last year. The steel manufacturer's net profit increased to Rs 5,900 crore for the quarter ended June 30, 2021.
The consolidated revenue from operations of JSW Steel rose to Rs 28,902 crore in Q1 FY22. Revenue from operations was at Rs 11,782 crore in the same period last year. The consolidated revenue from operations increased by 145 per cent on a year on year basis.
The total income of JSW Steel is up to Rs 29,100 crore in June 2021 quarter as compared to Rs 11,914 crore in the same period of the previous financial year. JSW Steel expenses were at Rs 20,804 crore as compared to Rs 12,504 crore a year ago.
JSW Steel produces 4.10 million tonne steel in Q1:
The steel manufacturer had produced 4.10 million tonne steel during the quarter. JSW Steel had sold 3.61 million tonne steel. The steel manufacturer had produced 150,539 net tonnes of slabs.
Sales volumes for the June quarter of 2021 were at 52,391 net tonnes of slabs and 62,678 net tonnes of the hot-rolled coil. The company had stated that it spent Rs 2,688 crore on capital expenditure as compared to a total planned Capex expenditure of Rs 18,240 crore for 2021-22.
JSW Steel's earnings before interest, tax, depreciation and amortisation surged to Rs 10,274 crore in the June quarter of 2021. The Ebitda margin expanded to 35.5 per cent. The board of JSW Steel had approved Rs 750 crore strategic investment in JSW Paints during the June quarter of 2021.
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