JSW Steel posted a 68 per cent rise in revenue from operations and a 350 per cent jump in net profit on a consolidated basis in the second quarter of the fiscal compared with the same period last year on the back of strong margins for the metal.

The revenue of Rs 32,503 crore and profit of Rs 7,179 crore during July-September period was the highest ever achieved by the Sajjan Jindal led company.

While the performance is comprehensively better than the same period of last fiscal when India was slowly coming out of a stringent lockdown, it is notably higher on a quarter-on-quarter basis, indicating the company managed to sequentially expand margin.

The subsidiaries of the company, especially the previously loss making US operations, did well this quarter. JSW Steel Ohio Inc reported an EBIDTA of $48.28 million during Q2 compared with a loss of $10.52 million. The plate and pipe mill in Texas also made $13.16 million EBIDTA. The Italy operation, however, remained in loss.

Saleable steel sales for the quarter on a consolidated basis stood at 3.83 million tonnes (mt) , an increase of 10 per cent quarter on quarter. JSW Steel, along with overseas subsidiaries and entities jointly controlled by the company viz. Bhushan Power & Steel Ltd (BPSL) reported 4.83 mt of sales.

During the quarter, BPSL became an indirect step down subsidiary of JSW Steel where the company now holds a 83.28 per cent stake after the conversion of optional fully convertible debentures (OFCDs).

The company also expanded the capacity of its Dolvi Works plant by commissioning a 5mt blast furnace at the unit in Maharashtra.During the quarter, JSW spent Rs 3,639 crore on capex.

ICICI Securities said consolidated topline and EBIDTA were in-line with expectation while PAT came in higher than the estimate on higher than expected other income.

JSW booked a Rs 702 crore fair valuation gain on remeasurement of OFCDs held by the company in one of the JVs.