Steelmaker JSW Steel NSE 1.14 % on Thursday reported a 10% year-on-year progress in May crude steel production at 13.67 lakh tonnes as against 12.48 lakh tonnes in the same period previous year.
“The capacity utilization remained at 91% in May’21 as the Liquid Oxygen supplies were over 30,000 tonnes for medical purposes in May’21 from the Steel Complexes of the Company across India, as against over 20,000 tonnes in April’21,” the company stated in a media statement.
The firm’s rolled products' production grew by 10%
year-on-year to 9.99 lakh tonnes as against 9.05 lakh tonnes. The long products' production grew by 55% year-on-year to 3.09 lakh tonnes indicating increasing a better growth in demand for construction and infrastructure.
JSW Steel’s consolidated net profit jumped 22 times to Rs 4,191 crore in the last quarter of the fiscal year 2021, a record high, as against a net profit of Rs 188 crore in the same period last year mostly on account of a strong local demand supplemented by exports, and improved steel prices.
The firm's net profit for FY 21 was at Rs 7,873 crore, up by 101% from Rs 3,919 crore in FY 20.
The firm for the fiscal year 2022, has declared a Capex of Rs 25,115 crore, including sustenance and other Capex of Rs 6,565 crore spread over three years from FY22 to FY24.
“We are an 18 million tonne steel company, just before all the expansion. Now an additional 5 mt of Dolvi, 2.5 million tonnes of Bhushan Power and Steel and 1 million tonnes of Monnet makes us a 27 million tonne company,” commented Seshagiri Rao, the company's joint managing director in an interaction earlier.
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