JSW Steel Announces Q4 and 2019-20 Results
JSW Steel Limited has reported its results for the Fourth Quarter and the Financial Year ended 31st March, 2020. JSW Steel said “The fourth quarter performance of the Company was marked by the emergence of the Covid-19 pandemic and measures to curb its rapid spread. The Indian economy was severely impacted by the temporary closure of economic activities across the country after the announcement of the first phase of nationwide lockdown in the last week of March 2020. With a significant supply chain disruption and with a view to ensure safety of workforce across all areas of operations, the Company scaled down orsuspended production across all facilities around this time period. FY2019-20 turned out to be a year of two halves for the steel industry - with a weakened demand and subdued pricing environment in the first half of the year, and an improving business and consumer sentiment, with higher demand and pricing, during the second half of the year, deflated largely by the impact of COVID-19, especially, towards the end of March 2020.”
FY2020 Standalone Performance:
Revenue from operations: INR 64,262 crores, lower by 17%YoY
Operating EBITDA: INR 12,517 crores, lower by 32%YoY
Net profit after tax: INR 5,291 crores, lower by 35% YoY
JSW Steel Coated Products: During the quarter, JSW Steel Coated Products registered a production volume of 0.44 million tons and sales volume of 0.47 million tonnes. Revenue from operations and Operating EBITDA for the quarter stood at INR 2,915 crores and INR 91 crores respectively. It reported a Net Profit after Tax of INR 19 crores for the quarter.
US Plate and Pipe Mill: The US based Plate and Pipe Mill facility produced 63,528 net tonnes of Plates and 15,193 net tonnes of Pipes, reporting a capacity utilization of 27% and 11%, respectively, during the quarter. Sales volumes for the quarter stood at 55,274 net tonnes of Plates and 27,534 net tonnes of Pipes. It reported an EBITDA Loss of USD 9.90 million for the quarter.
JSW Steel USA Ohio Inc (Acero): The US based HR coil manufacturing facility produced 73,138 net tonnes of HRC during the quarter. Sales volumes for the quarter stood at 72,888 net tonnes. It reported an EBITDA loss of USD 20.19 million for the quarter.
JSW Steel (Italy) S.r.l. (Aferpi): The Italy based Rolled long products manufacturing facility produced 113,244 tonnes and Sold 127,961 tonnes during the quarter. It reported an EBITDA loss of 10.91 million Euros for the quarter.
Source : Strategic Research Institute