India's leading integrated steel manufacturer JSW Steel has posted an 11.70 percent rise in its net profit at Rs 3,741 crore for March quarter 31, 2023, as against Rs 3,343 crore in the year-ago period. The overall income increased from Rs 47,128 crore in the same quarter last year to Rs 47,427 crore, according to stock exchange filings. The company also reported that overall costs were up from Rs 41,282 crore to Rs 43,170 crore.
India is experiencing good steel demand growth, which would assist the business's performance in the upcoming quarters, the company stated, even though the global economic environment is still difficult. Net profit increased to Rs 2,828 crore on a stand-alone basis from Rs 2,737 crore in January.
The company added that construction activities and equipment erection for all packages are proceeding as part of the 5 MTPA brownfield expansion at the Vijayanagar plant. It is anticipated that the project will be finished by the end of 2023–24 (FY24). In comparison to the revised projected sum of Rs 15,000 crore for the year, domestic capital expenditures were at Rs 3,507 crore for the quarter under review and Rs 14,214 crore for FY23.
The company added that construction activities and equipment erection for all packages are proceeding as part of the 5 MTPA brownfield expansion at the Vijayanagar plant. By the end of FY24, the project is anticipated to be completed. For the fiscal year that ends March 31, 2023, the board has recommended a dividend of Rs 3.40 per equity share with a face value of Rs 1. This dividend will result in a total outflow of Rs 822 crore.
Jayant Acharya was promoted to the position of Joint Managing Director and Chief Executive Officer of the firm with immediate effect, JSW Steel announced on Friday. According to a statement from JSW Steel, Acharya had been serving as the organization's Deputy Managing Director up until this point.
Compared to consolidated financial statements, which provide information about a group of companies, standalone financial statements provide information about a single company.
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