JSW Steel achieves record high crude steel production

JSW Steel has announced its highest-ever consolidated crude steel production, reaching 24.15 million tonnes in FY23, marking a 24 percent year-on-year growth. For the March quarter of FY23, the company reported its highest quarterly consolidated crude steel production at 6.58 million tonnes, reflecting a 13 percent year-on-year increase and a 7 percent quarter-on-quarter rise. This growth was primarily fueled by improved capacity utilization in Indian operations, with rates reaching 96 percent in Q4 FY23, compared to 91 percent in Q3 FY23.

The company successfully achieved a combined production of 24.57 million tonnes, close to its guidance of 25 million tonnes, attaining a commendable 98 percent. While JSW Steel reached 100 percent of its guidance for Consolidated Indian Operations, production volumes at JISPL and JSW Steel USA - Ohio were affected due to shutdowns and subdued market conditions.

JSW Steel, India's largest steelmaker by capacity, reported an 88 percent decline in consolidated net profit for the December quarter, amounting to ₹490 crore, impacted by lower exports compared to ₹4,357 crore in the previous year. Meanwhile, revenue from operations increased by 2.7 percent to ₹39,134 crore in the same quarter. The company's operating EBITDA stood at ₹4,030 crore with a margin of 13 percent.

Overall, JSW Steel's performance underscores its position as one of India's top six steel manufacturers.