JSW Steel has announced that its consolidated crude steel production in FY2023 stood at 24.15 million tonnes, registering a YoY growth of 24%.
It has also recorded the highest-ever quarterly consolidated crude steel production at 6.58 million tonnes for Q4 FY23, growing 13% YoY and 7% QoQ, as stated in an exchange filing.
In the December quarter, the company's consolidated net profit fell by 85.50% YoY to Rs 474 crore, primarily due to higher expenses, with a net profit of Rs 4,516 crore in the year-ago period. Its total income rose to Rs 39,322 crore from Rs 38,225 crore a year ago, and expenses increased to Rs 38,288 crore from Rs 31,986 crore.
The company's Indian operations saw an improvement in capacity utilization, with a utilization rate of 96% in Q4 FY23 compared to 91% in Q3 FY23, which led to this growth. JSW Steel achieved a combined production of 24.57 million tonnes, which is 98% of its guidance of 25 million tonnes. However, the production volumes of JSW Ispat Special Products Ltd (JISPL) and JSW Steel USA, Ohio, were impacted due to shutdowns and subdued market conditions for part of the year.