Sun, 16 Jun 2019

Mumbai (Maharashtra) [India], May 24 (ANI]: JSW Steel, the flagship company of diversified Rs 91,000 crore JSW Group, said on Friday its standalone revenue from operations went up to Rs 76,727 crore in 2018-19, up 13 per cent as compared to the previous fiscal year.

While operating earnings before interest, tax, depreciation, and amortisation (EBITDA) was up 34 per cent at Rs 18,403 crore, the net profit after tax zoomed up 79 per cent to Rs 8,259 crore.

While crude steel production was 16.69 million tonnes, up 3 per cent year-on-year, saleable steel sales were 15.76 million tonnes, up one per cent.

Domestic sales surged to 13.2 million tonne, marking an increase of 11 per cent, led by 20 per cent growth in the automotive segment. Retail segment sales also registered a growth of 7 per cent as the company continued to increase the distribution footprint.

Significantly, sales of value-added and special products accounted for 53 per cent of total sales volumes, Sajjan Jindal-led company said in a statement.

With a strong focus on the domestic market, JSW Steel exported 2.4 million tonnes of steel, marking a decline of 34 per cent year-on-year. The exports accounted for 15 per cent of total sales in FY 20 as compared to 23 per cent in FY 18.

In Q4 (January to March) 2019, the revenue from operations declined by 2 per cent to Rs 19,701 crore due to rising costs of power, fuel and consumables besides rupee depreciation.

As a result, EBITDA declined by 14 per cent to Rs 4,341 crore. The company reported a net profit after tax of Rs 1,745 crore for the quarter.

Crude steel production of 4.17 million tonnes was lower by 3 per cent due to planned shutdown at Dolvi works. But saleable steel sales were up 2 per cent to 4.29 million tonnes.

The board of directors has approved new capacity expansion proposals entailing a spend of Rs 5,700 crore which include a downstream investment of Rs 1,000 crore, cost-saving projects of Rs 2,200 crore besides mining and sustainance capex of Rs 2,000 crore.

JSW Steel is implementing a cumulative capex spend of Rs 48,715 crore over 2018-21. With a cumulative cash outflow of Rs 14,371 crore in the past two years, it plans to spend about Rs 34,300 crore over the next two years with spillover to FY 22.

These projects are planned to be funded by a mix of debt and internal accruals.

The board has also recommended a dividend of Rs 4.10 per equity share of Re 1 each. The outflow on account of equity dividend including corporate tax will be Rs 1,195 crore compared to Rs 933 crore paid for FY 18. (ANI)

More Los Angeles News

Access More

Sign up for Los Angeles News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!