JSW Steel profit surges over seven-fold to Rs 16,370 on back of one-time gain in quarter ended March. This is in comparison to Rs 2,139 crore reported in the previous quarter.
The company's revenue for the quarter rose 11.3% to Rs 51,180 crore from Rs 45,991 crore. Earnings before interest tax depreciation and amortisation stood at Rs 8,634 crore, up 32.9% from Rs 6,496 crore in quarter ended March. While margin stood at 16.9% versus 14.1% in the previous quarter.
JSW Steel Q4 Result Highlights (Cons, QoQ)
- Net Profit rises to Rs 16,370 crore versus Rs 2,139 crore.
- Revenue rises 11.3% at Rs 51,180 crore versus Rs 45,991 crore.
- Ebitda rises 32.9% at Rs 8,634 crore versus Rs 6,496 crore.
- Margin at 16.9% versus 14.1%.
- To pay dividend of Rs 7.10 per share.
JSW Steel said it recorded a one-time gain of Rs 17,888 crore during the quarter arising from the loss of control over Bhushan Power & Steel's steel business.
Tax expenses for the quarter stood at Rs 3,134 crore compared to a tax credit of Rs 953 crore in the previous quarter.
Separately, the board approved raising up to Rs 7,000 crore through a combination of equity and debt instruments.
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The company also approved the amalgamation of BMM Ispat with JSW Steel. BMM Ispat operates an approximately 1 million tonnes per annum steel manufacturing unit in Karnataka.
Under the approved swap arrangement, shareholders of BMM Ispat will receive one share of JSW Steel for every 18 shares held in BMM Ispat.
The merger is expected to strengthen JSW Steel's manufacturing footprint and further consolidate its presence in southern India.
JSW Steel Dividend
The board has announced a dividend of Rs 7.10 per share. The record date for the dividend has been set as July 7. The diviedend are subject to approval from shareholders in the annual general meeting.
The company in its exchange filing also mentioned that the dividend will be credited on or before 30 days from the date of Annual General Meeting.
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