Mumbai – JSW Steel posted a consolidated net profit of Rs 4,696 crore for the June quarter, more than doubling from the same period last year. The result was supported by stronger revenue, increased output and reduced interest expenses, exceeding analyst forecasts. Shares of the company rose 1.4% to Rs 1,238.35 on the BSE. Profit fell 75% from the March quarter, which had included one-time gains of Rs 17,888 crore. Revenue from operations grew about 10% year-on-year to Rs 47,364 crore. On a proforma basis, adjusting for the de-consolidation of Bhushan Power, revenue rose 19%. Sales volumes increased 4% to 6.25 million tonnes. Total expenses rose less than 4% to Rs 41,830 crore, aided by a 23% drop in finance costs to Rs 1,712 crore. Net debt declined to Rs 46,157 crore from Rs 53,870 crore a quarter earlier. The net debt to equity ratio improved to 0.42 times and net debt to EBITDA stood at 1.46 times. EBITDA rose 38% to Rs 9,383 crore, with per-tonne EBITDA up 23% at Rs 14,990. The company maintained its full-year capital expenditure guidance of Rs 22,000-24,000 crore and spent Rs 4,869 crore in the quarter.
