JSW Steel Q2 net profit falls more than 85% to ₹404 crore; output grows 7% to 6.77 MT
The Hindu
JSW Steel reports 85.43% profit fall in Q2 FY25 due to lower income, capex, and global market challenges.
Steelmaker JSW Steel on Friday (October 25, 2024) reported a steep fall of 85.43% in its consolidated net profit at ₹404 crore in the July-September quarter of the current fiscal, affected by lower income.
The company had posted a net profit of ₹2,773 crore in the second quarter of the last financial year. “The total income decreased to ₹39,837 crore in the second quarter of the current fiscal as against ₹44,821 crore a year ago,” JSW Steel said in a regulatory filing.
JSW Steel's expenses were lower at ₹38,644 crore in the quarter under review against ₹40,801 crore in the year-ago quarter.
In a statement, the company said its net debt stood at ₹85,098 crore as of September 30, higher by ₹4,899 crore as against June 30 due to capex on ongoing expansion projects, acquisition of an effective stake of 20% in Illawarra coking coal asset and increase in working capital.
The company’s capex spend during Q2 FY25 stood at ₹3,384 crore and the total spend for H1 stood at ₹7,850 crore.
"We now expect consolidated capex for FY25 to be ₹16,000-17,000 crore as against the earlier estimate of ₹20,000 crore mainly due to the transfer of Slurry Pipeline project to JSW Infrastructure and rescheduling the BF-3 expansion to next year," the company said.
The company produced 6.77 million tonnes (MT) of crude steel in July-September 2024, up 7% compared to 6.34 MT in the same quarter of FY23. Sales decreased by 4% to 5.96 MT in the quarter from 6.34 MT a year ago. Exports contributed 7% from India operations.
Papanasam dam's water level is at 126.45 feet, with significant inflow and discharge recorded.
Huawei Digital Power’s C&I GFM ESS Passes Extreme Ignition Test
Motorists in Erode urge authorities to build a roundabout at a chaotic junction for improved traffic flow and safety.
Mettur Dam's water level is at 113.99 feet, with inflow of 1,832 cusecs and discharge of 9,500 cusecs.
Kerala's special elections for three local body wards are set for January 13, 2025, following candidate deaths.
Karnataka BJP members debate noise pollution from azaan, urging government action during the Legislative Council session in Belagavi.
guide to Chennai’s sabha canteens this Margazhi Music Season 2025-26, spotlighting traditional South Indian meals, wedding-style dining and the culture around concert-time food.
Cold wave alert issued for six Telangana districts on December 17, with temperatures dropping to 7.4°C in some areas.
Delhi mandates valid PUC certificates for vehicle refueling starting December 18 to combat pollution, says Environment Minister Sirsa.
Singareni Collieries and Altmin partner to establish India's first large-scale lithium refinery in Telangana, targeting 2027 operations.
West Bengal government issues show-cause notices to senior officials for mismanagement during the Messi event at Salt Lake Stadium.
Karnataka government penalizes two Bengaluru schools for violating the Kannada Language Act, addressing concerns over language education in private institutions.
BJP strengthens NDA for 2026 Tamil Nadu Assembly polls with new appointments, aiming for better coordination and alliance strategies.