JSW Steel Q1 Results: Profit Falls 64.3%, Misses Estimates

• Revenue up 1.7% to Rs 42,943 crore versus Rs 42,213 crore (Bloomberg estimate: Rs 42,333.8 crore).

• Ebitda down 21.8% to Rs 5,510 crore versus Rs 7,046 crore (Estimate: Rs 5,781.4 crore).

• Ebitda margin narrows to 12.8% versus 16.7% (Estimate: 13.7%).

• Net profit down 64.3% to Rs 867 crore versus Rs 2,428 crore (Estimate: Rs 1,280.2 crore).

The volume guidance for production and sales is 28.4 million tonnes and 27 million tonnes, respectively for the ongoing financial year, the company said.

Net sales realisations at Indian operations fell by 5% year-on-year due to lower domestic steel prices but increased by 1% sequentially due to a better product mix.

The consolidated crude steel production stood at 6.35 million tonnes, a 1% decrease year-on-year, attributed to planned maintenance shutdowns.

Steel sales for the quarter were 6.12 million tonnes, representing a 7% annual increase.

Shares of the company closed 4.68% lower at Rs 887.90 per share. That compares to a 0.42% decline in the NSE Nifty 50.