JSW Steel FY24 Q4 Results: Net Profit Decline 65% on YoY Basis

JSW Steel Limited is an Indian multinational steel producer based in Mumbai and is a flagship company of the JSW Group, The Steel company has reported its Q4 FY 2023-24 earnings today after market hours.

Q4 Performance of JSW Steel

The Steel Giant has reported below market estimates net profits for this quarter, The next profit stands at Rs.1,322 crores for this quarter. While the total revenue from operations from this quarter has marginally declined to Rs.46,269 crores from Rs.46,962 crores in Q4 FY 2022-23, Also the board of directors has recommended a dividend of Rs.7.30 per equity share of face value of Rs.1 each for the year ended 31st March 2024.

Raising of resources by QIP

The Company had obtained the approval of members at the Annual General Meeting held on 28th July 2023 for raising resources in the form of specified securities by way of a Qualified Institutions Placement. The enabling resolution was not acted upon  within the stipulated period of one year. Therefore, in order to validate the said  resolution, fresh approval is being sought from the shareholders at the ensuing  Annual General Meeting.

Management Guidance

The management has said that the company has achieved its guidance for FY24, with production at 101% and sales at 100%, and guidance for total combined volumes of production and sales for FY25 are set at 28.40 mt and 27.00 mt respectively.

Conclusion: The company has received a fall in net profit by 65% on a year-on-year basis, and it has also missed the expectations of the street. As the company has reported its results after market hours, any reaction to these results will take place tomorrow. The stock closed at Rs.907.45 a piece up by 2.37%.