JSW Steel Q1 consolidated net profit at ₹2184 crore rises 158% year-on-year
The revenue from operations of ₹ 43,147 crore was slightly higher compared to ₹ 42,943 in the year-ago quarter.
The operating EBITDA for the quarter reported by the company stood at ₹ 7,576 crore, with a 17.6% margin. The reported EBITDA increased by 37% year-on-year, which the company attributed to the rising volumes and lower coking coal costs.
The consolidated steel sales for the quarter stood at 6.69 million tonnes, higher by 9% year-on-year compared to 6.12 million tonnes in the same quarter last year. The institutional as well as retail sales volumes were higher by 12% YoY, highlighted the company.
Domestic steel sales volume at 5.96 million tonnes increased 12% year-on-year. Exports, however, fell 20% year-on-year and constituted 7% of sales from the Indian operations for Q1 FY26, hurt by weak international demand amid tariff uncertainties.
Consolidated crude steel production for the quarter stood at 7.26 million tonnes, higher by 14% year-on-year compared to 6.35 MT.
Capacity utilisation at the Indian operations was 87% during the quarter compared to 93% in the previous quarter of Q4 FY25, impacted by planned maintenance shutdowns.
The company's net gearing (net debt-to-equity) stood at 0.95 times at the end of the quarter, compared to 0.94 times at the end of Q4 FY25, and net debt to EBITDA was 3.20x, compared to 3.34x at Q4 FY25.
As of June 30, 2025, net debt was ₹ 79,850 crore, an increase from ₹ 3,287 crore as of March 31, 2025. This increase was mostly attributable to working capital investments, as per JSW Steel.
JSW Steel, regarding the Supreme Court Judgement in Bhushan Power and Steel, said that it has filed a Review Petition before the Supreme Court on June 25, 2025, in respect of the Supreme Court Judgement of May 2, 2025.
The Committee of Creditors and the Resolution Professional have also filed separate review petitions. The review petitions will be listed in the Supreme Court in due course.
The Supreme Court of India had cancelled JSW Steel's 2019 acquisition of Bhushan Power and Steel (BPSL), directing the liquidation of BPSL, and investors thereby are keenly watching the progress in the matter.
The Order of the Supreme Court dated 26th May 2025 in JSW's Special Leave Petition directed the status quo in respect of proceedings before NCLT for implementation of the SC Judgment until the Review Petition is decided.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
13 minutes ago
- Mint
Brazil Finance Minister Fernando Haddad Says Meeting With Scott Bessent Was Canceled
(Bloomberg) -- Brazil Finance Minister Fernando Haddad said in a local television interview on Monday that a long-sought meeting with US Treasury Secretary Scott Bessent was canceled and hasn't been rescheduled. Haddad said he tried to set another time for the virtual gathering with Bessent, which had been set to take place this week, but has not been successful. He added that Brazil trade isn't a focal point for the US government. The cancellation marks the latest setback in a relationship that has soured quickly since the US government levied 50% tariffs on Brazilian goods earlier this month. Those trade barriers are part of a pressure campaign to get the country's Supreme Court to drop coup attempt charges against former head of state Jair Bolsonaro, who is an ally of Donald Trump. Haddad has spearheaded efforts to negotiate with the US, and had expressed hope that talks with Bessent would lead to additional breakthroughs after the Trump administration exempted nearly 700 products from the higher levies that went into effect last week. The Brazilian finance minister suggested during the interview, however, that Bolsonaro supporters in the US had played a role in scuttling the meeting with Bessent. 'The official reason given was a 'lack of availability,'' Haddad said, describing the explanation as 'unusual.' He noted that the issue extends beyond the Finance Ministry. Brazil President Luiz Inacio Lula da Silva said last week that he wants to see signs that the US is willing to negotiate in a way that treats his nation as an equal partner before he calls Trump to discuss the tariffs. Haddad reiterated that point during the interview, while saying that Lula has not closed the door on a phone call with Trump. Finance ministry officials with meet with both Lula and Vice President Geraldo Alckmin later on Monday to finalize a plan to soften the economic blow from the US tariffs, Haddad said. The measures, which focus on taxes, financing lines and government purchases, have to be flexible, he said. Haddad's main worry is protecting the Brazilian economy, and he added that exports intended for the US will require new destinations. --With assistance from Andre Loureiro Dias. (Adds additional context) More stories like this are available on
Economic Times
13 minutes ago
- Economic Times
Supreme Court reserves verdict on JSW Steel's Rs 19,700 crore resolution plan for Bhushan Power
Synopsis The Supreme Court has reserved its verdict on JSW Steel's resolution plan for Bhushan Power and Steel. Key issues include the allocation of earnings generated during the resolution period and JSW's compliance with the plan. Former promoters challenged JSW's actions, while the creditors seek additional funds. The Solicitor General criticized the former promoters, alleging significant financial misconduct. iStock The Supreme Court on Monday reserved its verdict on a batch of pleas related to JSW Steel's Rs 19,700-crore resolution plan for debt-ridden Bhushan Power and Steel Limited (BPSL). A special bench comprising Chief Justice B R Gavai and Justices Satish Chandra Sharma and K Vinod Chandran heard arguments from Solicitor General Tushar Mehta for the committee of creditors (CoC), senior advocate Neeraj Kishan Kaul for JSW Steel, and senior advocate Dhruv Mehta for the former promoters before reserving the verdict. As many as five pleas were heard afresh after the CJI-led bench, on July 31, recalled its May 2 verdict that had directed liquidation of BPSL and set aside JSW's resolution plan, criticising the conduct of the CoC, the resolution professional, and the National Company Law Tribunal (NCLT) for what it termed a "flagrant violation" of the Insolvency and Bankruptcy Code (IBC). One of the key issues was whether earnings before interest, tax, depreciation, and amortisation (EBITDA) generated during the resolution period should go to the creditors or remain with the company. The CoC is seeking Rs 3,569 crore in EBITDA and Rs 2,500 crore in delay-related interest. Kaul, representing JSW, the successful resolution applicant, said neither the request for resolution plan (RFRP) nor the resolution plan itself mandated sharing EBITDA with creditors. He said JSW bid for BPSL on an "as is, where is" basis, accepting both its losses and profits, and that the delay in plan implementation was due to the ED's asset attachment, which was lifted only in December 2024. Dhruv Mehta, appearing for the former promoters, challenged JSW's compliance with the resolution plan and defended their right to participate in the proceedings, citing their role as personal guarantors. He alleged that JSW failed to inject the promised working capital and accused the company of benefitting from rising steel prices before implementing the plan. He also contended that the CoC's powers do not extend beyond plan approval by the NCLT and that disputes over non-compliance should be taken back to the tribunal. The solicitor general Mehta described the former promoters as having "brought the company to dust" and called this "one of the worst cases of siphoning" he had seen. He maintained that the CoC's claims over EBITDA and delay interest were justified and that the body remained a legal entity until the Supreme Court's final decision under Section 62 of the IBC. Earlier on August 8, the COC had opposed the plea by former promoters by questioning the maintainability. A bench headed by former top court judge Bela M Trivedi on May 2 ordered liquidation of BPSL while setting aside a resolution plan of JSW Steel Limited for the ailing firm. PTI
Time of India
17 minutes ago
- Time of India
Export outreach widened to 50 countries to negate US tariff hit
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India is expanding its export outreach to 50 countries including in West Asia and Africa to reduce reliance on any single market and mitigate the risks of trade disruptions amid the steep 50% tariffs imposed by the 50 countries account for about 90% of India's exports. The ministry of commerce and industry is working product by product to improve India's exports competitiveness, officials said."The idea is to tap top 50 countries and look at each product and the competitors. India must mitigate risks to improve manufacturing and export competitiveness," said an official. This exercise to explore alternative markets is being done with export promotion bodies and is crucial as India's merchandise exports in June were flat at $35.14 week, the US doubled the tariffs on its imports from India to 50% at par with Brazil and the highest on any country in a move marking an escalation of trade tensions between the two the initial 25% duty came into effect last week, the additional 25% is effective August 27. Sectors such as marine products, textiles, leather, gems and jewellery, are expected to be severely hit by the adds to the concern is that competing manufacturing hubs such as Turkey, Vietnam and Thailand face significantly lower tariffs of 15%, 20% and 19% respectively, making Indian products relatively less competitive in the US market."The Indian gem and jewellery sector, in particular, stands to be severely impacted. The US is our single largest market, accounting for over $10 billion in exports-nearly 30% of our industry's total global trade. A blanket tariff of this magnitude is severely devastating for the sector," said Kirit Bhansali, chairman, GJEPCThe government is also working on a strategy to safeguard India's exports from American tariffs. This includes offering tailor-made schemes under the proposed Export Promotion Mission for the affected sectors, diversion of goods to other geographies, and identifying products with less export orders that could be diverted to meet the domestic government was already focusing on 20 countries to increase exports but now 30 more have been included in the also said that the possibility of trade rerouting through low-tariff destinations such as Mexico, Canada, Turkey, UAE, or Oman-undermining the spirit of legitimate trade and impacting transparency, is another concern.
