Domestic steel giant JSW Steel on Friday reported a 61.1% year-on-year (YoY) drop in net profit to Rs 3,343 crore for the fourth quarter ended March 31, 2022.
In the corresponding quarter of last year, the company recorded a net profit of Rs 4,191 crore. CNBC-TV18 Polls had predicted a profit of Rs 4,800 crore for the quarter under review.
Total revenue stood at Rs 46,895 crore during the reporting period, up by 74.1% from Rs 26,934 crore during the corresponding period of the previous fiscal year.
Operationally, EBITDA jumped 8.8% to Rs 9,184 crore in Q4 FY22 from Rs 8,440 crore in Q4 FY21. EBITDA margin was 19.6% in Q4 FY22, compared to 31.3% in Q4 FY21. EBITDA is earnings before interest, taxes, depreciation and amortization.
The Board has recommended a dividend of Rs 17.35 per share of Re 1 each for the financial year ending 31 March 2022 subject to approval by members at the ensuing Annual General Meeting.
The results fell after the close of market hours. Shares of JSW Steel ended at Rs 548.65, down Rs 3.00, or 0.54% on BSE.
First post: STI