The steel producer reported its highest-ever quarterly revenue from operations of Rs 26,934 crore, up 51 per cent on a year-on-year basis.
Analysts had expected the company to report consolidated net profit of Rs 3,990.3 crore for the quarter on consolidated revenues of Rs 21,264 crore.
The company’s board also announced a final dividend of Rs. 6.5 per share for the financial year ended March 31, 2021.
The exceptional March quarter performance by the company was on account of strong domestic demand for steel, which was supplemented by a benign export market. The easing of restrictions in India and abroad during the March quarter had boosted demand.
The company’s operating performance for the quarter was also staggering as it posted an all-time high consolidated operating profit of Rs 8,440 crore, which was up 184 per cent on-year.
The operating performance was a reflection of the strong pricing environment for steel producers in the country who were able to undertake multiple price hikes during the quarter.
The company said that it managed to reduce its debt by Rs 858 crore even after spending Rs 15,000 crore on capital expenditure during the financial year ended March.
The company expects combined volumes of its business to rise by 6.1 per cent in the current financial year to 22.94 million tonnes. JSW Steel’s standalone crude steel volumes will rise to 18.5 million tonnes from 15.2 million tonnes in 2021-21.
The company also said that it expects the economy to resume its recovery trajectory prior to the second wave once the restrictions ease.
Shares of JSW Steel ended 0.4 per cent higher at Rs 697.10 on the National Stock Exchange.
