For the nine months of FY23, the company’s combined steel production volumes stood at 17.80 million tonnes up by 15% from 15.49 million tonnes in the corresponding period of the previous year.
SEATTLE (Scrap Monster): India’s second-largest private sector steel producer, JSW Steel recorded a combined crude steel production of 6.24 million tonnes in the third quarter of FY23, rising by 17% year-on-year. Sequentially, the growth was around 10%. For the nine months period of FY23, the combined steel production is up by 15% year-on-year.
During Q3FY23, the JSW Group flagship company posted a combined volume of 6.24 million tonnes versus 5.35 million tonnes in Q3FY22 and 5.68 million tonnes in Q2FY23.
Of the total, the company’s volumes from Indian operations stood at 6.06 million tonnes in Q3FY23 up by 20% from 5.05 million tonnes in Q3FY22 and higher by 9% from 5.57 million tonnes in Q2FY23. On the other hand, JSW Ispat Special Products Ltd.(JISPL) and JSW Steel USA Ohio recorded total volumes of 0.10 million tonnes and 0.08 million tonnes in Q3FY23 down by 30% yoy and 49% yoy respectively.
In its regulatory filing, JSW Steel said that the crude steel production for Q3 FY 23 was 6.24 million tons, sequentially higher by 10% primarily due to improved average capacity utilisation to 91% versus 84% in Q2 FY 23 at JSW Steel and BPSL and also restarting of steelmaking operations at JISPL with effect from 14th November 22 post completion of the shutdown undertaken in July 2022.
For the nine months of FY23, the company’s combined steel production volumes stood at 17.80 million tonnes up by 15% from 15.49 million tonnes in the corresponding period of the previous year.
On BSE, JSW Steel shares closed at INR 742.45 apiece up by 1.87% on Monday. The company’s market cap is over INR 1.79 lakh crore.
For Q3FY23, Kotak Institutional Equities on JSW Steel in their earnings report said, “We expect JSTL to report the standalone volume of 4.8 mn tons (+27% yoy, +19% qoq) on a low base and ramp-up of volumes at Dovli phase II. We estimate steel realization to decline by 12% yoy and 16% qoq led by price cuts during the quarter and contract resets.”
Also, the brokerage’s note added, “we estimate standalone EBITDA/ton to recover by 87% qoq to INR 9,024/ton (-49% yoy) led by lower coal costs partly offset by lower realizations.”
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