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JSW Steel's fiscal Q4'18 net profit soars 186% YOY to 28.79B rupees

JSW Steel Ltd. on May 16 reported the highest-ever operational and financial performance for its fourth fiscal quarter and the full fiscal year ended March 31.

The company's consolidated net profit after tax soared 186% year over year to 28.79 billion Indian rupees for the quarter.

Revenue from operations rose 16% to 208.17 billion rupees on an annual basis, while operating EBITDA soared 67% to 52.90 billion rupees.

On a stand-alone basis, JSW Steel's quarterly crude steel production and sales rose 5% and 7%, respectively, to a record 4.31 million tonnes and 4.22 Mt.

JSW Steel said increasing demand across regions resulted in higher commodity prices and spreads, while production was aided by higher utilization and good performances across all operations.

For the full fiscal year, the group's net profit grew 76% year over year to 61.13 billion rupees, revenue jumped 18% to 715.03 billion rupees and operating EBITDA increased 22% to 147.94 billion rupees.

The company also reduced its net debt by 35.29 billion rupees in fiscal 2018.

Steel production increased 3% to 16.27 Mt for the year, and sales increased 6% to 15.62 Mt.

JSW Steel aims to produce 16.75 Mt of steel in fiscal 2019, a 3% year-on-year increase, with sales expected to increase 2.5% to 16.0 Mt.

The company's board recommended a dividend of 3.20 rupees per equity share of 1 rupee each for its fiscal 2018.

As of May 15, US$1 was equivalent to 68.27 Indian rupees.