JSW Steel Ltd. reported a 32% sequential jump in profit in the third quarter of the current financial year, beating street expectations. Consolidated net profit in the October-December period was Rs 2,139 crore, compared to Rs 1,623 crore in the preceding quarter, according to a stock exchange filing on Friday. Analysts' consensus estimates compiled by Bloomberg projected Rs 1,400 crore.
The higher profit comes despite a one-time provision of Rs 529 crore due to the implementation of the New Labour Codes during the quarter. The bottom-line also accounts for net deferred tax assets of Rs 1,439 crore. These arise from unabsorbed depreciation at Bhushan Power & Steel Ltd., which the company expects to recover through likely capital gains from the planned slump sale of BPSL's steel business.
JSW Steel Q3FY25 Results (Consolidated, QoQ)
- Revenue up 2% at Rs 45,991 crore vs Rs 45,152 crore (Bloomberg estimate: Rs 44,515 crore)
- Ebitda down 8.7% at Rs 6,496 crore vs Rs 7,115 crore (Estimate: Rs 6,447 crore)
- Margin at 14.1% vs 15.8% (Estimate: 13.7%)
- Profit up 32% at Rs 2,139 crore vs Rs 1,623 crore (Estimate: Rs 1,400 crore)
- One-time exceptional item of Rs 529 crore.
Consolidated crude steel production for Q3 rose 6% year-on-year to 7.48 million tonnes, driven by the rampup of the JVML-Vijayanagar project, however, production fell 5% QoQ due to shutdown of Blast Furnace3 (BF-3) at Vijayanagar from the end of September 2025 for upgradation of capacity, a statement said.
Consolidated sales were highest ever at 7.64 million tonnes, up 14% YoY and 5% QoQ, on the back of healthy domestic demand. Domestic sales increased 10%, exports jumped 53% and contributing 11% to the sales from the Indian operations. Retail sales volumes were up 12%.
Shares of JSW Steel settled 1.3% lower at Rs 1,169.35 on the BSE, ahead of the results, compared to a 0.9% decline in the benchmark Sensex. The stock is up 26% on a 12-month basis.
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