JSW Steel posted its earnings for the quarter that ended March after the closing bell rang on Friday.

What Happened: The steel major’s consolidated net profit for the quarter came in at ₹1,299 crore, down 64% from the ₹3,664 crore posted in the same quarter last year. Revenue from operations for the quarter came in at ₹46,269 crore, down around 1.4% from the ₹46,962 crore posted in the same quarter last year.

The company’s EBITDA for the quarter was at ₹6,124 crore with an EBITDA margin of 13.2%. The steel major said that the EBITDA contracted 15% sequentially due to lower sales realizations and higher coking coal costs. The company also announced a ₹7.30 per share final dividend for the year ended March 2024.

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Net Debt as of 31 March 2024 stood at ₹73,916 crore, ₹5,305 crore lower than in the December quarter. The company said that it was due to the healthy cash generation, release of working capital and calibrated capex.

Sharing its outlook for the steel giant said that the global economy has performed well despite the headwinds of elevated interest rates and adverse geopolitics.

“Inflationary pressure is easing across major economies albeit with some speedbumps. This is likely to allow central banks to commence rate cuts in 2024, although the extent of cuts has been diluted compared to earlier forecasts. Geopolitical risks have risen, and need to be watched, especially for their impact on global trade and energy prices,” the company said in a press release.

Price Action: JSW Steel’s share price was up 2.37% to close at ₹907.45 on Friday.

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