In India, the company sold 6.43 million tonnes of steel compared to 5.9 million tonnes a year ago.
Consolidated revenue from operations for the quarter was largely flat at ‘43,147 crore, while operating earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 37% year-on-year to ‘7,576 crore. “The EBITDA increased by 37% YoY, driven primarily by higher volumes and lower coking coal costs,” the company said in a statement. Total expenses for the quarter fell to ‘40,325 crore from ‘41,715 crore a year ago.
EBITDA margins for the quarter stood at 17.6%, up 4.73 percentage points compared to the previous year. For its operations in India, the company made an EBITDA of ‘11,658 per tonne, with a margin of 18.5%. JSW Steel incurred capital expenditure of ‘3,400 crore during the quarter and plans to spend ‘20,000 crore for the full year.
Bhushan Power & Steel
Earlier this year, the Supreme Court had struck down JSW Steel’s buyout of Bhushan Power & Steel, terming its resolution plan for the company “illegal”. In response, JSW Steel filed a review petition before the Supreme Court last month. The committee of creditors and resolution professional filed separate review petitions. “We, along with our legal advisors, have analysed the matter and are of the view that we have strong grounds to pursue the review petition,” the company said in a statement.
