JSW Steel has reported that its net profit was up 12 per cent at ₹3,741 crore against ₹3,343 crore logged in the same period last year on tax write-back.
Revenue from operations was flat at ₹46,962 crore (₹46,895 crore). Overall expenses jumped five per cent to ₹43,170 crore (₹41,282 crore), on the back of higher raw material cost. Consolidated Ebitda was down 14 per cent at ₹7,939 crore (₹9,184 crore).
The company has declared a dividend of ₹3.40 a share.
The company plans to raise ₹17,000 crore to fund ongoing expansion and repay debt. It will issue non-convertible debentures of ₹7,000 crore and raise a similar amount through equity shares or convertible securities issuance to qualified institutional buyers. It will separately raise ₹3,000 crore through non-convertible debentures through private placement to meet working capital requirement.
JSW Steel will also raise $1 billion through issue of non-convertible foreign currency or rupee denominated fixed rate bonds for re-financing existing loans and capital expenditure.
The company plans to spend ₹18,800 crore in this fiscal primarily for completing the 5 mtpa brownfield expansion at Vijayanagar and BPSL Phase-II expansion to 5 mtpa, downstream facilities and sustenance capex.
It has trimmed the capex spend for last fiscal to ₹14,214 crore against the planned ₹15,000 crore.
JSW Steel has elevated Jayant Acharya as Joint Managing Director & CEO from Deputy Managing Director.
JSW Steel Coated Products reported a profit of ₹835 crore (₹116 crore) as Ebitda jumped to ₹431 crore (₹325 crore).
Bhushan Power and Steel registered a 59 per cent fall in net profit at ₹429 crore (₹1,044 crore), as Ebitda plunged to ₹949 crore (₹1,553 crore). Revenue was down at ₹5,570 crore (₹6,125 crore).
For the year ended March, the company reported consolidated net profit of ₹4,139 crore (₹20,938 crore) as revenue increased to ₹1.65-lakh crore (₹1.46-lakh crore).