Godavari Biorefineries Q2 Results: Net Loss Increases to ₹75 Crore in Q2
JSW Steel Q1 Results FY2023, PAT at Rs. 839 crores
Last Updated: 9th December 2022 - 09:23 am
On 22nd July 2022, JSW Steel announced its quarterly results for the first quarter of FY2023.
Q1FY23 Key Highlights:
- The steel sales for the quarter stood at 4.49 million tonnes, with a decline by 25% QoQ which was impacted by the sharp reduction in exports due to levy of export duty and fall in apparent consumption due to destocking at the user level.
- JSW steel reported revenue from operations at Rs. 38086 crores and Operating EBITDA at Rs. 4309 crores, with an EBITDA margin of 11.31%.
- The Profit after Tax for the quarter was at Rs. 839 crores, down by 85.78% YoY after incorporating the financials of subsidiaries, joint ventures and associates.
- The company's consolidated net gearing (net debt to equity) stood at 0.98 times at Q1FY23 (as against 0.83x at the end of Q4 FY22), and net debt to EBITDA stood at 2.03 times (as against 1.45 times at the end of Q4 FY22)
Business Highlights:
- The 5 mtpa brownfield expansion at Vijayanagar is progressing with civil works underway at the site. Long lead-time items have been ordered, and Letters of Credit established. The project is expected to be completed by end of FY2024.
- The remaining downstream projects at Vasind and Tarapur are expected to be completed in Q2FY23. The expansion at BPSL to 3.5 mtpa is progressing well and is expected to be completed during Q2FY23. The Phase-II expansion (from 3.5 mtpa to 5 mtpa) is expected to be completed by FY24.
- The Company's Capex spend was Rs.3,702 crores during Q1FY23, against the planned Capex spend of Rs. 20,000 crores for FY 23. Considering the current market conditions, the company expects to calibrate its Capex spend to Rs. 15,000 crores for FY23
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