JSW Steel PAT doubles in Q2FY19

The company beat street expectations with a consolidated net profit of Rs. 2,087 crore as compared to Rs. 836 crore in Q2FY18, up by 148 per cent.

For Q2FY19, the steelmaker reported a consolidated net profit of Rs. 2,087 crore as compared to Rs. 836 crore in Q2FY18, up by 148 per cent. The company's revenue Rs. 21,552 crore as compared to Rs. 16,818, up by 27.5 per cent YoY. While its EBITDA was at Rs. 4,906 crore as compared to 3,306 crore, up by 81.3 per cent YoY. The company's margin was up by 670 bps, at 22.7 per cent in Q2FY19 from 16 per cent in Q2FY18.

The increase in the company's crude steel production was aided by higher capacity utilisation. While revenues improved during the quarter due to higher steel prices, despite an increase in input costs. The company's net debt to EBITDA was at 2.22x.

JSW Steel Limited's board approved the merger of Dolvi Minerals and Metals Private Limited, Dolvi Coke Projects Limited, JSW Steel Processing Centres Limited, and JSW Steel (Salav) with itself. These companies are its wholly-owned subsidiaries. 

On Thursday, the stock of JSW Steel closed at Rs. 354.05 per share, up by 0.60 per cent. The stock opened at Rs. 349.00 and hit a high of Rs. 355.20 per share.