Latest news with #BhushanPower&Steel
Mint
23-05-2025
- Business
- Mint
JSW Steel Q4 Results: Profit jumps 13.5% YoY to ₹1,501 crore; dividend of ₹2.8/share declared
JSW Steel Q4 Results: The metals company JSW Steel on Friday, May 23, announced a 13.5% year-on-year (YoY) rise in its consolidated net profit to ₹ 1,501 crore as against ₹ 1,322 crore in the year-ago period. The profit includes an exceptional charge of ₹ 44 crore. The total revenue from operations declined by 3.1% YoY to ₹ 44,819 crore in the March 2025 quarter, as against ₹ 46,269 crore in the same period last year. The operating earnings before interest, tax, depreciation and amortisation (EBITDA) came in at ₹ 6,378 crore, with an EBITDA margin of 14.2% during the quarter, driven by higher sales volumes and lower coking coal cost. Consolidated crude steel production for the quarter stood at 7.63 million tonnes, higher by 9% quarter-on-quarter (QoQ) and 12% YoY. Capacity utilisation at the Indian operations was 93% during the quarter, compared to 91% in Q3 FY25. Steel sales for the quarter stood at 7.49 million tonnes, higher by 12% QoQ and 11% YoY. Domestic sales were 6.72 million tonnes, up 12% QoQ and 30% YoY. Institutional sales volumes increased 11% QoQ and 33% YoY while retail sales rose 15% QoQ and 25% YoY, and exports remained stable QoQ at 8% of sales from the Indian operations. JSW Steel achieved consolidated annual production of 27.79 million tonnes and sales of 26.45 million tonnes, meeting the revised volume guidance announced in Q3 FY25. Net debt as of March 31, 2025, stood at ₹ 76,563 crore, lower by ₹ 4,358 crore as against December 31, 2024, due to healthy cash generation, release of working capital and calibrated capeх. JSW Steel's subsidiary Bhushan Power & Steel's (BPSL) revenue from operations and operating EBITDA for the quarter stood at 5,635 crore and ₹ 570 crore, respectively. The EBITDA increased by 5% QoQ, mainly due to higher sales volume and lower coking coal cost. BPSL reported a PAT of ₹ 42 crore for the quarter. It registered crude steel production of 0.98 million tonnes and sales volume of 0.94 million tonnes. During the quarter, JSW Steel registered revenue of ₹ 9,035 crore, and EBITDA of ₹ 575 crore. The EBITDA is 16% higher on QoQ basis, mainly due to higher domestic realisations, partially offset by higher raw material prices. The subsidiary reported a net profit of ₹ 221 crore for the quarter. Its production volume (GI/GL, Tin, CRCA & other saleable products) stood at 1.20 million tonnes and sales volume of 1.22 million tonnes. The Board recommended a dividend of 2.80 per equity share on the 244,54,53,966 equity shares of face value of 1 each, for the year ended March 31, 2025, subject to the approval of the Members at the ensuing Annual General Meeting. The total outflow on account of this dividend will be ₹ 685 crore, the company said. The record date for dividend has been fixed as July 8, 2025. The company board also approved raising of long-term resources to the tune of ₹ 14,000 crore. The board gave its go ahead to raise up to ₹ 7000 crore via non-convertible debentures. Additionally, it also provided approval for raising ₹ 7,000 via equity shares or convertible securities. In addition to this, subject to applicable regulatory approvals and market conditions, the Board of Directors at its meeting held today, also approved the issuance of secured/un-secured, redeemable, non-convertible debentures not exceeding ₹ 5,000 crore.
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Business Standard
14-05-2025
- Business
- Business Standard
May prefer fresh insolvency process, say Bhushan Power & Steel lenders
Lenders of Bhushan Power & Steel (BPSL) on Tuesday indicated before the National Company Law Tribunal (NCLT) Delhi that they may prefer a fresh insolvency process for the company rather than sending it for liquidation. "Every option is under consideration because this will have to be clarified by the honourable court... We may even persuade the court to initiate a fresh CIRP (Corporate Insolvency Resolution Process) because the ultimate object of the IBC (Insolvency and Bankruptcy Code) is to preserve the company as a going concern. Liquidation is the ultimate death,' Solicitor General Tushar Mehta, appearing for the lenders and other stakeholders, told the NCLT. The tribunal was hearing a plea filed by BPSL's former promoter Sanjay Singhal, seeking enforcement of the Supreme Court's recent order directing the company's liquidation. The apex court had on May 3 declared JSW Steel Limited's resolution plan for BPSL 'illegal' and ordered the latter's liquidation, four years after the company was acquired by JSW Steel under the IBC. The NCLT on Tuesday adjourned the case to May 30, after Mehta urged the tribunal to allow Singhal to identify and implead all necessary parties. 'Let him (Singhal) consider whom he would wish to join, or who are necessary parties, before even notice is issued, and thereafter we can issue,' Mehta told the bench led by Justice R Sudhakar.
Time of India
09-05-2025
- Business
- Time of India
Bhushan Power creditors weigh legal options after SC scraps JSW Steel deal
Mumbai: Creditors to Bhushan Power & Steel, including State Bank of India , Punjab National Bank , and Asset Care Reconstruction Enterprise (ACRE), are assessing the legal paths available to them after the Supreme Court decision to annul JSW Steel's ₹19,350-crore resolution plan and order liquidation. The lenders are weighing a review petition and may reappoint legal advisors Cyril Amarchand Mangaldas and Shardul Amarchand Mangaldas, who had advised on the earlier resolution, sources said. "There's a lot of uncertainty both legal and procedural. For now, lenders are convening informally under the joint lenders' forum," said a source. The Insolvency and Bankruptcy Board of India and the department of financial services are also examining the court ruling's broader implications, which could have far reaching consequences on the Insolvency and Bankruptcy Code (IBC) framework."There are significant implications if the transaction is unwound, taxes have been paid, capital expenditure has been initiated, and funds have been deployed. The practical challenges of returning the money are enormous," a senior banker involved in the process told this publication, requesting anonymity.
Time of India
08-05-2025
- Business
- Time of India
Bhushan Power creditors weigh legal options after SC scraps JSW Steel deal
Bhushan Power & Steel's creditors, including SBI and PNB, are evaluating legal options after the Supreme Court overturned JSW Steel's resolution plan and ordered liquidation. Lenders are considering a review petition and may re-engage legal advisors. The IBBI and DFS are also analyzing the ruling's broader implications for the IBC framework, given the practical challenges of unwinding the transaction. Tired of too many ads? Remove Ads Mumbai: Creditors to Bhushan Power & Steel, including State Bank of India Punjab National Bank , and Asset Care Reconstruction Enterprise (ACRE), are assessing the legal paths available to them after the Supreme Court decision to annul JSW Steel's ₹19,350-crore resolution plan and order lenders are weighing a review petition and may reappoint legal advisors Cyril Amarchand Mangaldas and Shardul Amarchand Mangaldas, who had advised on the earlier resolution, sources said."There's a lot of uncertainty both legal and procedural. For now, lenders are convening informally under the joint lenders' forum," said a Insolvency and Bankruptcy Board of India and the department of financial services are also examining the court ruling's broader implications, which could have far reaching consequences on the Insolvency and Bankruptcy Code (IBC) framework."There are significant implications if the transaction is unwound, taxes have been paid, capital expenditure has been initiated, and funds have been deployed. The practical challenges of returning the money are enormous," a senior banker involved in the process told this publication, requesting anonymity.
Time of India
08-05-2025
- Business
- Time of India
Bhushan Steel lenders to take a call on course of action soon
NEW DELHI: Lenders to Bhushan Power & Steel (BPSL) will decide their future course of action in the next few days after the Supreme Court scrapped the company's takeover by JSW under the Insolvency & Bankruptcy Code , pointing to several irregularities."The matter is still under consideration. We will decide how things have to be taken up further. In another three-four days things will come out," Punjab National Bank MD & CEO Ashok Chandra told reporters after announcing the company's March quarter state-run lender, which received around Rs 3,000 crore from the BPSL, transaction has not provided for any hit in the last quarter, when it reported a 52% jump in net profit to Rs 4,567 crore, buoyed by robust business growth and attributed profit growth to overall business expansion, recovery in technically written off accounts and treasury income, among others. During the current fiscal year, PNB is budgeting for 11-12% credit growth, with a 9-10% rise in the corporate loan book. Deposit growth is expected to be in the range of 9-10%.The bank intends to add another 200 branches during the financial year and recruit 3,000 staff and officers, Chandra said. PNB board has recommended a dividend of Rs 2.9 per equity share of face value of Rs 2 each for 2024-25 subject to shareholder approval.
