JSW Steel Q3 Profit Soars 5x to Rs 2,450 cr - Business News

New Delhi, Jan 25 (PTI) JSW Steel on Thursday reported a five-fold jump in consolidated net profit at Rs 2,450 crore for December quarter 2023-24, on the back of strong domestic demand.

The company had logged a net profit of Rs 474 crore in the year-ago period, JSW Steel said in a filing to BSE.

Income during the third quarter increased to Rs 42,134 crore from Rs 39,322 crore in the year-ago period.

"The strong performance was driven by capacity utilisation rising to 94 per cent during the quarter vs 89 per cent in Q2 FY24 at the Indian operations," the company said in a statement.

It said it had taken certain maintenance shutdowns at Indian operations during the second quarter of current fiscal. Capacity utilisation also improved at Ohio (the US) operations due to better demand scenario.


The company's steel sales in the quarter stood at 6 million tonne, higher by seven per cent year-on-year.

Domestic sales at 5.27 million tonne in the third quarter was higher by two per cent over the year-ago period.

On the updates of its projects, the company said its 5 million tonne per annum (MTPA) brownfield expansion at Vijayanagar is progressing well with construction activities for all packages underway.

The second phase of expansion (from 3.5 MTPA to 5 MTPA) at Bhushan Power & Steel Limited (BPSL) is progressing well and is expected to be completed in FY24.

JSW Steel is the flagship business of the diversified, USD 23 billion JSW Group. The group also has interests in energy, infrastructure, cement, paints, sports and venture capital.