JSW Steel Shares Back In Red After 2 Days As Profits Slump 64% In Q4

  • Benzinga India
  • Stock Market News
JSW Steel Shares Back In Red After 2 Days As Profits Slump 64% In Q4
Credit: © Reuters.

Benzinga - JSW Steel (NS: JSTL )‘s share price was down on Saturday morning as the company’s March quarter results failed to impress investors.

What Happened: The steel major’s consolidated net profit for the quarter came in at ₹1,299 crore, down 64% from the ₹3,664 crore posted in the same quarter last year. Revenue from operations for the quarter was ₹46,269 crore, down around 1.4% from ₹46,962 crore in the same quarter last year.

EBITDA for the quarter was ₹6,124 crore, with an EBITDA margin of 13.2%. Net debt as of March 31, 2024, was ₹73,916 crore, reduced by ₹5,305 crore from the December quarter, attributed to healthy cash generation, release of working capital, and calibrated capex.

Analyst Reactions: CLSA maintained its “sell” rating for the stock raising the price target to ₹765 from ₹730. The brokerage said that the company’s consolidated EBITDA for the quarter was largely in line with its estimates. The global brokerage also said that the medium-term expansion is on track.

Nuvama also maintained its “hold” rating for the stock but raised the target price to ₹941 from ₹875. The brokerage said the company’s EBITDA was in line. The brokerage said that the EBITDA was lower due to lower steel prices and higher coking coal cost.

Price Action: JSW Steel 's share price was down 1.83% to close at ₹890.85 on Saturday.

Read Next: NHPC (NS: NHPC ) Shares In Red After Profit Crashed 16% In Q4

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