Steel major JSW Steel announced its January-March quarter results for the financial year 2020-21 on Friday, May 21, reporting its highest ever quarterly net profit at Rs 4,198 crore, driven by robust domestic demand as well as exports and improved steel prices. According to a regulatory filing by the company to the stock exchanges, the net profit stood at Rs 231 crore in the corresponding quarter of the previous fiscal on a consolidated basis. The company’s net profit in the March quarter zoomed 1,717 per cent on a year-on-year basis. (Also Read: JSW Steel Reports Steel Production At 13.71 Lakh Tonnes )
The country’s leading steel production company also reported its highest-ever quarterly revenue from operations at Rs 26,934 crore for the March quarter, compared to Rs 17,887 crore in the corresponding quarter of the previous fiscal, marking a 51 per cent growth year-on-year.
According to the statement, the company’s board of directors recommended a final dividend of Rs 6.50 or 650 per cent, per fully paid-up equity share of Re 1 each, for the financial year 2020-21. JSW Steel’s operating profit or EBITDA for the fourth quarter of fiscal 2020-21 stood at Rs 8,440 crore, up 184 per cent year-on-year.
The company reported crude steel production of 4.19 million tonnes, up six per cent year-on-year, driven by higher capacity utilisation of 93 per cent in the fourth quarter of the fiscal year 2020-21. The saleable steel sales were up 11 per cent at 4.06 million tonnes.
On Friday, May 21, share price of JSW Steel settled 0.50 per cent higher at Rs 697.80 apiece on the BSE. On Friday, JSW Steel opened the trading session at Rs 701, touching an intra day high of Rs 706.40, and an intra day low of Rs 694.95 on the BSE, throughout the trading session.