Home > News > Business India News
Posted on Jan 28, 06:49PM | IBNS
JSW Steel Limited, one of the lowest cost steel producers in the world, on Monday said it has reported a net profit of ' 137 crores for the 3rd quarter ended 31st December 2012 in spite of inadequate availability of iron ore, inferior quality of ore with low Fe, high alumina and manganese and unreasonable prices for iron ore in E-auctions.
Notwithstanding these challenging environment, the Company showed improved performance with growth in Production and Sales volume of 8pc and 14pc respectively.
Financial Performance (Standalone):
The Turnover and Net Sales for the quarter stood at '9,121 and '8,275 crores respectively showing a growth of 7pc and 5pc over the corresponding quarter of previous year. The Operating EBIDTA for the quarter is '1,314 crores with a margin of 15.8pc .
Due to 4pc depreciation in the value of the rupee against US Dollar during Q3 FY'13, the loss of '267 crores on restatement of foreign currency monetary items at close of the quarter has been provided.
The Company as matter of prudence also made a provision of '60 crores towards carrying value of its investment in US Plate and Pipe mill.
Both the items are considered as exceptional in nature.
The company posted net profit of '137 crores, down by 19pc over the corresponding quarter of previous year mainly due to lower capacity utilization of 78pc in the quarter.
The Turnover and Net Sales for Nine months ended 31st December 2012 stood at '28,688 crores and '26,139 crores respectively, showing a growth of 18pc and 16pc over the corresponding period of previous year.
The Operating EBIDTA for Nine months ended 31st December 2012 is '4,612 crores, up 16pc over the corresponding period of previous year. The company posted net profit of '1,228 crores, up by 41pc over the corresponding period of previous year.
The Company's standalone net total debt gearing stood at 0.86 (vis-a-vis 0.75 as on 30.09.2012) and the weighted average interest cost of debt was at 8.18pc (vis-a-vis 8.44pc , as on 30.09.2012).