The country's leading steelmaker JSW Steel on Thursday reported a 350 percent year-on-year (YoY) jump in consolidated net profit to post its highest quarterly profit of Rs 7,179 crore for the second quarter ended September 30.

Share Market Live

NSE

In the corresponding quarter last year, the company posted a net profit of Rs 1,595 crore. CNBC-TV18 Poll had predicted a profit of Rs 5,850 crore for the quarter under review.

The company also reported its highest-ever quarterly revenue from operations at Rs 32,503 crore for the quarter under review. It was Rs 19,264 crore in the corresponding period of last year.

It also registered its highest-ever consolidated operating profit or EBITDA for the September quarter at Rs 10,417 crore. The company’s expenses stood at Rs 24,261 crore against Rs 16,958 crore a year ago.

Also Read:

Hindustan Unilever Q2 Results: Net profit at Rs 2,187 crore, meets Street estimates

The company further said during the quarter, the average capacity utilisation was 91 percent. Part of JSW Group, JSW Steel Ltd has a significant presence in sectors such as steel, energy, infrastructure, cement, and sports among others.

Also, the company said it has commissioned the 5 mtpa brownfield expansion at Dolvi, which comprises one of India's largest blast furnaces and steel melt shops (SMS) with two converters of 350 tonne each. The new SMS is equipped with state-of-the-art energy recovery systems to reduce carbon emission intensity.

The results came after the close of the market hours. Shares of JSW Steel ended at Rs 673.45, down by Rs 11.90, or 1.74 percent on the BSE.

Also Read: Asian Paints Q2 Results: Net profit falls 29% to Rs 605 crore, misses Street estimates

(Edited by : Jomy Jos Pullokaran)

First Published:Oct 21, 2021 4:42 PM IST