JSW Steel surges 3% as strong consolidated profit and margin enthuses Street

JSW Steel’s profitability was better than what the Street estimated.

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Shares of JSW Steel surged 3 percent on July 21 after the company reported a stellar set of quarterly numbers.

JSW Steel reported a consolidated net profit of Rs 2,248 crore for the April-June quarter of FY24, on July 21, marking a 189 percent jump as compared to Rs 956 crore clocked in the year-ago period. Revenue from operations also rose 11 percent YoY to Rs 41,771 crore, led by higher volume growth.

JSW Steel’s profitability was better than what the Street estimated. Operating margin increased to about 17 percent in comparison with analysts’ expectation of 12.5 percent.

At 12:51 pm, shares of the company were trading 1.3 percent higher at Rs 809.45 on the BSE.

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Consolidated crude steel production for the June quarter came in at 6.43 million tonnes, up 11 percent on year but down 2 percent sequentially. The average capacity utilization for Q1 of FY24 declined to 92 percent from 96 percent in Q4 of FY23 owing to certain scheduled shutdowns at Indian operations during the quarter.

Besides, steel sales for the quarter stood at 5.71 million tonnes, up 27 percent YoY and down 13 percent QoQ. Channel de-stocking, with exports being impacted by delayed loading due to the cyclone on the western coast of India towards the end of the June quarter weighed on steel sales.

JSW Steel has guided for Production at 26.34 million tonnes and Sales at 25 million tonnes for FY24.

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