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JSW Steel Q3 result

JSW Steel, a steel manufacturer, announced on January 20, 2023, that its consolidated net profit for the quarter ended December 2022 (Q3FY23) decreased by 85.50% YoY, amounting to Rs 474 crore. This is a significant decline when compared to the profit of Rs 4,516 crore reported by the company for the same quarter of the previous financial year.

JSW Steel reported that its revenue from operations for the quarter ended December 2022 (Q3FY23) increased by 2.79% to reach Rs 39,134 crore compared to the revenue of Rs 38,071 crore generated in the same quarter of the previous financial year. The information was disclosed in an exchange filing.


The results for the quarter ended December 2022 (Q3FY23) were worse than expected. According to a survey of analysts, JSW Steel was expected to report a net profit of Rs 665.5 crore for the third quarter. Additionally, the company's consolidated revenue was projected to increase by 1.7% YoY to Rs 38,719.63 crore, but the actual revenue was reported to be Rs 39,134 crore.


During the quarter ended December 2022 (Q3FY23), JSW Steel's combined crude steel production reached a record high of 6.24 million tonnes, which is a 10% increase from the previous quarter. The company attributed this growth to the ramp-up of its 5 metric tonne per annum (mtpa) Dolvi Phase-II expansion which achieved a capacity utilization rate of 85%, compared to 80% in the second quarter of the financial year 2023.


The higher production during the quarter ended December 2022 (Q3FY23) was also a result of the re-starting of facilities at JSW Ispat Special Products (JISPL) after a maintenance shutdown that had begun in the second quarter of the financial year 2023, and the ongoing ramp-up of operations at Bhushan Power and Steel (BPSL) after expanding its capacity from 2.75 mtpa to 3.5 mtpa.

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