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View Promises →JSW Steel Limited — Q4 FY24
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.
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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.
जेएसडब्ल्यू स्टील ने चौथी तिमाही में 46,269 करोड़ रुपये का राजस्व कमाया, जो पिछले साल से 10% ज्यादा है। कंपनी का मुनाफा (EBITDA) 6,124 करोड़ रुपये रहा, यानी हर 100 रुपये की बिक्री पर 13.2 रुपये का फायदा। शुद्ध मुनाफा (PAT) 1,322 करोड़ रुपये था। रिकॉर्ड 6.73 मिलियन टन बिक्री हुई, जिसमें 20% निर्यात और 62% वैल्यू-एडेड उत्पाद शामिल हैं। कोकिंग कोल की ऊंची कीमतों के कारण प्रति टन मुनाफा 9,101 रुपये रहा। अगले साल 28.4 मिलियन टन उत्पादन और 27 मिलियन टन बिक्री का लक्ष्य है। कोकिंग कोल की कीमतें गिरने से मुनाफा बढ़ने की उम्मीद है। कंपनी ने मोजाम्बिक में कोयला खदान खरीदी और 20,000 करोड़ रुपये निवेश की योजना बनाई है। चीन से सस्ते स्टील के आयात से घरेलू कीमतों पर दबाव बना रहेगा।
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Rising steel imports from China and ASEAN
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Consolidated steel sales
6.73M tons
+3% YoY
Highest ever quarterly sales, driven by exports and domestic execution.
Value-added product share
62%
+2pp QoQ
Highest ever share of value-added and special products in sales mix.
Net debt
INR 73,916 crore
-INR 5,300 crore QoQ
Reduction driven by working capital relief and calibrated CapEx.
Coking coal cost (CFR)
$274/ton
+$22 QoQ
In line with guidance; expected to decline $22-27/ton in Q1 FY25.
What Changed vs Last Quarter
NEW
FY25 production guidance of 28.4 million tons
Consolidated crude steel production target for FY25, with sales guidance of 27 million tons, reflecting ramp-up of new capacities.
NEW
Consolidated CapEx of INR 20,000 crore in FY25
Capital expenditure planned for the fiscal year, funded largely through internal accruals, with net debt expected to remain flattish.
NEW
Coking coal cost to decline $22-27/ton in Q1 FY25
Expectation of lower input costs due to recent fall in coking coal prices, supporting margin improvement.
NEW
Return to normative EBITDA per ton in FY25
Management expects EBITDA per ton to improve from Q4 levels, aided by cost savings, stable prices, and lower coking coal costs.
DROPPED
FY24 volume guidance reiterated: 26.34M tons production, 25M tons sales
Consolidated production and sales targets for FY24 remain unchanged despite Q3 sales dip.
DROPPED
Coking coal cost expected to increase $20-$25/ton in Q4
Landed cost expected to rise from $252/ton in Q3 due to elevated global prices.
DROPPED
CapEx spend of ~INR 18,000 crore in FY24
Lower than earlier estimate of INR 20,000 crore due to timing of payments spilling into Q1 FY25.
DROPPED
Net zero by 2050 commitment
Long-term target with interim goal of 1.95 tCO2/tcs by 2030, using renewables, efficiency, and circularity.
NEW RISK
Rising steel imports from China and ASEAN
India's steel imports grew 37% YoY in FY24, with Q4 imports up 30% YoY, posing a risk to domestic pricing and market share.
NEW RISK
Execution risk in Mozambique coking coal mine
The acquired mine is pre-development; past overseas mining ventures by Indian companies have faced delays and cost overruns.
NEW RISK
Geopolitical tensions impacting global trade
Rising geopolitical tensions could disrupt supply chains and steel demand, though management remains watchful.
RISK GONE
Elevated raw material costs pressuring margins
Coking coal and iron ore costs are rising; Q4 margins expected to be impacted despite volume recovery.
RISK GONE
Increased steel imports into India
Imports rose 16% in Q3; management flagged concern but expects parity to limit imports in Q4.
RISK GONE
Red Sea disruption affecting container shipments
Analyst raised; management acknowledged impact on container exports but reorienting to break bulk.
RISK GONE
Bunching of flat steel capacity additions
Analyst questioned potential pricing pressure from ~15M tons new capacity; management downplayed risk.
Fast read
Guidance and risk preview
Consolidated crude steel production target for FY25, with sales guidance of 27 million tons, reflecting ramp-up of new capacities.
India's steel imports grew 37% YoY in FY24, with Q4 imports up 30% YoY, posing a risk to domestic pricing and market share.
View Risks →