Domestic steel giant JSW Steel on Friday reported a 20 percent year-on-year (YoY) decline in consolidated net profit at Rs 3,343 crore for the fourth quarter ended March 31, 2022.

In the corresponding quarter last year, the company posted a net profit of Rs 4,191 crore. CNBC-TV18 Polls had predicted a profit of Rs 4,800 crore for the quarter under review.

Consolidated revenue stood at Rs 46,895 crore during the period under review, up 74.1 percent against Rs 26,934 crore in the corresponding period of the preceding fiscal.

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At the operating level, EBITDA jumped 8.8 percent to Rs 9,184 crore in Q4 FY22 over Rs 8,440 crore in Q4 FY21. EBITDA margin stood at 19.6 percent in Q4 FY22 as compared to 31.3 percent in Q4 FY21. EBITDA is earnings before interest, tax, depreciation and amortization.

The company’s expenses soared to Rs 41,282 crore in the said period from Rs 20,752 crore a year ago.

For FY22, the company registered its highest ever crude steel production at 17 .62 million tonne and achieved 95 percent of its standalone sales and crude steel production volume guidance of 17.4 and 18.5 million tonne respectively.

Sales of value-added and special products accounted for 60 percent of total sales volumes for the year. The company exported 4.57 million tonne of steel in FY22, an increase of 8 percent YoY and exports accounted for 28 percent of total sales.

Also Read: JSW Steel net profit falls 20% in March quarter despite 74% jump in revenue

The board of directors has recommended a dividend of Rs 17.35 per equity share of Re 1 each for the year ended March 31, 2022 subject to the approval of the members at the ensuing Annual General Meeting.

The results came after the close of the market hours. Shares of JSW Steel ended at Rs 548.65, down by Rs 3.00, or 0.54 percent on the BSE.

First Published:May 27, 2022 5:27 PM IST