Mumbai: JSW Steel Limited posted a net profit of Rs 188 crore in fourth quarter ending on 31st March,2020.
“The Net Profit after Tax for the quarter was ₹188 crores, after incorporating the financials of subsidiaries, joint ventures and associates”, said a Company release.
Revenue from operations decreased by 20% YoY to ₹17,887 crores for the quarter. Operating EBITDA reported was ₹2,975 crores with EBITDA margin of 16.6%.
Saleable Steel sales for the quarter stood at 3.65 million tonnes, down by 15% YoY. Domestic sales were lower by 5% YoY; however, it increased by 3% QoQ. Sales to Auto customers has increased by 8% QoQ and total OEM sales was higher by 12% QoQ. Exports sales at 0.46 million tonnes was lower by 51% YoY and QoQ both. Sales to Appliance sector has increased 37% YoY and 43% QoQ.
The release said that the physical performance of the Company affected due to Covid-19 impact during the year FY 20 despite better performance in the H2 of the fiscal.
“FY2019-20 turned out to be a year of two halves for the steel industry – with a weakened demand and subdued pricing environment in the first half of the year, and an improving business and consumer sentiment, with higher demand and pricing, during the second half of the year, deflated largely by the impact of COVID-19, especially, towards the end of March 2020.”
“In this backdrop, the Company reported Crude Steel production of 16.06 million tonnes for FY2020, lower by 4% YoY, as the average capacity utilization levels reached 89%. Despite all the macroeconomic headwinds and operational challenges, the company has achieved 97.3% of its crude steel production guidance of 16.50 MTPA for FY2020.”
“Saleable Steel sales volumes for the year stood at 15.08 million tonnes, lower by 4% YoY, achieving 97.3% of its guidance of 15.5 MTPA. Consolidated sales volume stood at 14.90 million tonnes, lower by 4% YoY (of 15.6 million tonnes).”
“Sales of value added and special products (VASP) accounted for 48% of total sales volumes for the year. Branded products sales stood at 49% of the total retail sales. The Company exported 3.12 million tonnes of steel in FY2020, an increase of 30% YoY and exports accounted for 21% of total sales (compared to 15% in FY2019).”