Mumbai: JSW Steel, India’s top steel maker by capacity has reported a whopping 76% jump in consolidated Net Profit to Rs.6113 Crore in the 2017-18 financial year. The Consolidated net profit for Jan-April quarter has increased by 186% to Rs.2879 Crore. Its revenue from operations for FY18 has increased by 18% to Rs.71503 Crore. The 4th quarter revenue has increased by 16% to Rs. 20817 Crore.
The Steelmaker has achieved highest ever Crude Steel production for the quarter at 4.31 million tonnes, up 5% YoY as well as QoQ, on account of higher utilisation and sound operational performance across all locations. Aided by a robust domestic demand, primarily for long products, the Company also achieved highest ever quarterly sales volume of 4.22 million tonnes, which grew by 7%YoY and 6%QoQ. Consolidated sales volume for the quarter stood at 4.18 million tonnes, up by 6% YoY and 4% QoQ. Domestic sales volumes surged by 41% YoY and 25% QoQ to 3.55 million tonnes, led by rising infrastructure spend and robust automotive segment growth. The Company continued to focus on enriching the product mix as sales of value added and special products (VASP) increased 14% YoY and 2% QoQ to 2.36 million tonnes, and share of VASP in total shipments stood at 57%.
For the year FY2018, the Company reported Crude Steel production of 16.27 million tonnes, a growth of 3%YoY, achieving 98.6% of its guidance. Production volumes in the first half were impacted due to water shortages and constrained iron ore availability. However, Saleable Steel sales volume for the year grew by 6%YoY to 15.62 million tonnes, at 100.8% of the guidance as the company liquidated some inventory to meet demand growth. The consolidated sales volume for FY2018 stood at 15.55 million tons, an increase of 6% YoY. Sales of value added & special products (VASP) in FY2018 grew by 13% YoY to 9.00 million tonnes driven by higher sales to automotive, appliances, projects and infrastructure segments.