JSW Steel reported a 70.7 per cent decline in net profit at ₹719 crore on a consolidated basis compared with to ₹2,450 crore in Q3FY24 due to lower sales realisation on the back of a steep fall in steel prices.
Revenue from operations also fell marginally by 1.34 per cent to ₹41,378 crore compared with ₹41,940 crore even as total sales volume of the JSW group flagship stood at 6.71 million tonnes, up 12 per cent year on year (y-o-y).
The squeeze in the top and the bottomline could be attributed to a 10 per cent fall in the net sales realisation. Moreover, the company also took a hit of ₹103 crore on account of forfeiture of performance guarantee due to surrender of two coal blocks.
Operating EBIDTA of the Indian operations, which include subsidiaries such as Bhushan Power & Steel, JSW Steel Coated Products, stood at ₹5,564 crore, down 20 per cent y-o-y. The operating EBIDTA on a consolidated basis stood at ₹5,579 crore.
Consolidated crude steel production for the quarter stood at 7.03 mt, higher by 2 per cent y-o-y. Capacity utilisation at the Indian operations stood at 91 per cent in the quarter. Domestic sales were highest ever at 5.99 mt, growing 14 per cent y-o-y.
Exports constituted 8 per cent of sales from Indian operations for Q3FY25.
While two major domestic subsidiaries, BPSL and JSW Steel Coated, recorded a PAT of ₹11 crore and ₹170 crore, respectively, JSW Steel USA Ohio and the US Plate & Pipe Mill reported an EBIDTA loss of $15.58 million and $2.29 million, respectively, due to lower sales realisation.