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Revenue
₹46,269 Cr
verified against source
Revenue YoY
10%
reported change
EBITDA
₹6,124 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
JSW Steel reported Q4 FY24 consolidated revenue of INR 46,269 crore, up 10% YoY, with EBITDA of INR 6,124 crore (margin 13.2%) and PAT of INR 1,322 crore. Record quarterly sales of 6.73 million tons were driven by strong exports (20% of sales) and value-added product share of 62%. EBITDA per ton stood at INR 9,101, impacted by higher coking coal costs and lower NSR, partly offset by inventory liquidation. Management guided for FY25 production of 28.4 million tons and sales of 27 million tons, with EBITDA per ton expected to improve due to falling coking coal costs (down $22-27/ton in Q1) and stable steel prices. The company announced acquisition of a Mozambique coking coal mine (800+ million tons resources) for $74 million and plans consolidated CapEx of INR 20,000 crore in FY25. Key risk: rising steel imports from China and ASEAN, which grew 37% YoY in FY24, could pressure domestic pricing.
Colored figures show movement against the previous available record.
Guidance to track
- Consolidated crude steel production target for FY25, with sales guidance of 27 million tons, reflecting ramp-up of new capacities.
- Capital expenditure planned for the fiscal year, funded largely through internal accruals, with net debt expected to remain flattish.
- Expectation of lower input costs due to recent fall in coking coal prices, supporting margin improvement.
- Management expects EBITDA per ton to improve from Q4 levels, aided by cost savings, stable prices, and lower coking coal costs.
Risks flagged
- India's steel imports grew 37% YoY in FY24, with Q4 imports up 30% YoY, posing a risk to domestic pricing and market share.
- The acquired mine is pre-development; past overseas mining ventures by Indian companies have faced delays and cost overruns.
- Rising geopolitical tensions could disrupt supply chains and steel demand, though management remains watchful.
Key quotes
- We expect to be returning to our normative EBITDA numbers during the FY 2025 with various improvement measures, falling coking coal prices, stable steel prices, which we see.
- This is prime hard coking coal. You are aware we have been looking for such assets, in the past, internationally as well as domestically.
- In terms of debt, we have peaked out. There could be, in a quarter or two, there could be some investment in working capital, but that should also result into release in subsequent quarters.
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