MUMBAI (Metro Rail & Steel) : JSW Steel, one of India’s leading steel manufacturers, announced their financial results for the second quarter of fiscal year 2024 on 20th October 2023. The company’s performance in Q2 FY24 showcased remarkable growth, underlining a substantial turnaround from the previous year.
JSW Steel’s Q2 FY24 results highlighted several key achievements, including a 6.72% increase in revenue. The company reported a profit of ₹2,760 crore, a significant rebound from the ₹848 crore loss in the same period of the previous fiscal year. Compared to the previous quarter, JSW Steel’s revenue grew by 5.62%, The financial statement also revealed a noteworthy decline of 5.51% in Selling, General, and Administrative (SG&A) expenses quarter-on-quarter. However, year-on-year, SG&A expenses showed a 13.8% increase.
The company reported an Earnings Per Share (EPS) of ₹9.91 for Q2 FY24, marking 293.23% year-on-year increase. JSW Steel’s recent stock performance indicated a -0.38% return over the last week, a solid 9.03% return in the last six months, and a 1.61% year-to-date return. With a current market capitalization of ₹190,029.8 crore, JSW Steel has seen a 52-week high/low stock price of ₹840 and ₹615, respectively.
As of 22nd October 2023, the company received analyst recommendations. Out of 27 analysts covering JSW Steel, 4 analysts rated it as “Strong Sell,” 7 analysts as “Sell,” 8 analysts as “Hold,” 2 analysts as “Buy,” and 6 analysts as “Strong Buy.” The consensus recommendation as of 22nd October 2023, was to “Hold.”
