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JSW Steel Ltd has announced a stellar financial performance for the third quarter of the fiscal year 2023-24, with a notable profit surge to ₹2415 crore. This marks a substantial increase of 392.9% compared to the third quarter of FY23 when the profit stood at ₹490 crore, surpassing market estimates. The company's revenue from operations also demonstrated strong growth, reaching ₹41,940 crore, a 7.2% increase compared to ₹39,134 crore in the corresponding quarter of the previous year.
According to a CNBC TV18 poll, JSW Steel was expected to report a Q3FY24 profit of ₹1745 crore and revenue was estimated to be ₹42,225 crore. However, JSW Steel exceeded these projections, with an EBITDA of ₹7180 crore.
The consolidated crude steel production for the quarter reached 6.87 million tonnes, reflecting a substantial 12% increase year-on-year. The strong performance was attributed to a rise in capacity utilisation, reaching 94% during the quarter compared to 89% in Q2FY24 at Indian operations. Improved demand and certain maintenance shutdowns during Q2FY24 contributed to this positive momentum. Capacity utilisation also witnessed improvement at the Ohio, USA operations, further enhancing the overall performance.
Steel sales for the quarter amounted to 6.00 million tonnes, a notable 7% increase year-on-year. Domestic sales reached 5.27 million tonnes, up by 2% on-year. Despite a quarter-on-quarter decline in volumes, strong performance in Original Equipment Manufacturer (OEM) and Industrial volumes, with the highest quarterly sales to OEM and Industrial customers, along with robust sales in the Automotive, Renewable, and Packaging segments, contributed to the positive outcome. Retail sales faced challenges during the quarter due to higher imports and channel destocking.
Exports, accounting for 9% of sales from Indian operations, stood at 0.55 million tonnes, witnessing a 20% decline quarter-on-quarter due to subdued global markets. JSW Steel's impressive Q3 results underscore its resilience and strategic positioning in the steel industry.
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