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As on Jan 27, 2020 12:00 AM Your results on : Hot Pursuit    
JSW Steel melts after Q3 net profit plunges 87%
27-Jan-2020 (11:01)

Consolidated profit before tax (PBT) slumped 82% to Rs 436 crore in Q3 December 2019 as against Rs 2,423 crore in Q3 December 2018. Tax expense slumped 92.2% to Rs 47 crore in Q3 December 2019 as compared to Rs 604 in Q3 December 2018. The Q3 earnings were declared after market hours on Friday, 24 January 2020.

During the quarter, the total saleable steel sales stood at 4.03 million tonnes and consolidated operating EBITDA stood at Rs 2,451 crore.

Crude steel production during the quarter stood at 4.02 million tonnes, up by 5% quarter-on-quarter (QoQ) (Q2 September 2019 production was impacted by severe monsoon, planned shutdown and weak demand). Production in the quarter was lower by 5% YoY due to extended monsoon which impacted operations at both Dolvi and Vijayanagar.

After a weak momentum during the first half of the year, the current quarter witnessed a turnaround in business sentiment and better liquidity conditions, driving an overall improvement in steel demand and pricing from November onwards. A large part of this demand improvement is from the infrastructure and construction sectors. Following a period of prolonged inventory adjustment (destocking) in the first half, the initial spurt in demand was driven by restocking in the supply chain. As a result, the company was able to liquidate a large part of the inventory that was accumulated in the first half, primarily by selling more ¡n the domestic markets.

Domestic shipments increased by 25% QoQ - aided by a 33% QoQ surge in sales to the retail segment. Even though overall automotive demand remained subdued in the quarter, the company's sales to the automotive segment increased by 10% QoQ.

Consolidated saleable steel sales for the quarter increased by 11% YoY and 13% QoQ to 4.03 million tonnes. The share of value added and special products in the overall shipments stood at 50%, during the quarter (from 46% in Q2 September 2019), and exports accounted for 24% of shipments (vs 31% in Q2 September 2019).

JSW Steel is a flagship company of the JSW Group, an integrated steel manufacturer in India with an installed steel-making capacity of 18 million tonnes per annum (MTPA).

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