JSW Steel on Friday reported a more than two-fold rise in its consolidated net profit at Rs 2,209 crore for the April–June quarter, driven by lower expenses and higher volumes. The company had posted a net profit of Rs 867 crore in the corresponding quarter of FY25, it said in a regulatory filing.Total income rose marginally by 0.9% to Rs 43,497 crore during the reporting quarter, compared with Rs 43,107 crore in the April–June period a year earlier. Meanwhile, total expenses were brought down to Rs 40,325 crore from Rs 41,715 crore in Q1 FY25, PTI reported.Consolidated crude steel production stood at 7.26 million tonnes, up 14% year-on-year (YoY), while capacity utilisation at Indian operations stood at 87%, down from 93% in the preceding quarter, due to planned maintenance shutdowns.Steel sales rose 9% YoY to 6.69 million tonnes, with both institutional and retail volumes up 12% annually. Domestic sales also saw a 12% increase to 5.96 million tonnes. However, exports declined 20% and constituted 7% of total sales from Indian operations.Revenue from operations came in at Rs 43,147 crore, and the company reported an operating EBITDA of Rs 7,576 crore, with a margin of 17.6%. The EBITDA rose 37% YoY, mainly due to higher sales volumes and lower coking coal costs. Profit after tax during the quarter was Rs 2,209 crore.Net debt stood at Rs 79,850 crore as of June 30, 2025, higher by Rs 3,287 crore from March-end, owing to increased working capital requirements.JSW Steel’s Indian operations contributed significantly to the overall performance, with crude steel production at 7.02 million tonnes (up 15% YoY) and steel sales at 6.43 million tonnes (up 9% YoY). Revenue from Indian operations stood at Rs 40,510 crore, while operating EBITDA rose 38% YoY to Rs 7,496 crore, translating into a margin of 18.5%. Profit after tax from Indian operations came in at Rs 2,517 crore, 118% higher YoY.Separately, JSW Steel said it has filed a review petition before the Supreme Court on June 25, 2025, regarding the apex court’s May 2 verdict that set aside its resolution plan for Bhushan Steel and Power Ltd (BSPL), terming it illegal and violative of the Insolvency and Bankruptcy Code (IBC). JSW Steel had acquired BSPL through insolvency proceedings in 2019 for around Rs 20,000 crore.The Committee of Creditors and the Resolution Professional have also filed separate review petitions. The SC has ordered status quo in proceedings before the NCLT for implementation of its ruling until the review petition is decided.“We, along with our legal advisors, have analysed the matter and are of the view that we have strong grounds to pursue the Review Petition,” JSW Steel said in its statement.
