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JSW Steel has registered its highest ever quarterly profit of ₹1,774 crore (₹719 crore in previous-year period) on the back of a one-time write back of provision and higher realisations.
Third-quarter income increased 17 per cent to ₹17,903 crore (₹15,345 crore).
Following the US government cutting corporate tax to 21 per cent from 30 per cent, the company’s US subsidiary has reversed deferred tax liability to ₹572 crore. JSW Steel has halved its iron ore mining interest in Chile to 200 million tonnes (mt) and incurred a provisioning of ₹264 crore. On the whole, it recorded a one-time gain of ₹308 crore during the quarter.
Seshagiri Roa, Joint Managing Director, said that despite cost pressures the company managed to register a better profit due to higher realisation and increase in exports.
The Ebitda per tonne of steel sold increased by ₹1,500 to ₹8,994. Net debt was down by ₹696 crore to ₹42,068 crore.
JSW Steel plans to bid for eight category ‘C’ mines coming up for auction in Karnataka. The last day for putting the bids is March 12, said Vinod Nowal, Deputy Managing Director.
The company currently owns five category mines in Karnataka and has received approval to produce 7 lakh tonnes in two mines this quarter. Production in the rest of the mines will start in four months. The five mines together have a capacity of 5 mt, he said.
JSW Steel has been allotted 2,980 acres of land allocated for Posco, access to water and permission to set up a jetty in Odisha through the State’s single window clearance. It is expecting a formal approval in writing in new few weeks from the government. The company will participate in the seven mines including four iron ore being put on block by the Odisha government, Nowal said.
Rao denied that bidding for Bhushan Steel will turn aggressive with Vedanta entering the fray. JSW Steel will finalise its bid for Bhushan Steel by February 4, the last day for bidding, and will stick to bidding for the three identified companies — Bhushan Steel, Monnet Ispat and Bhushan Steel and Power, he added.
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