{"id":158065,"date":"2024-01-26T10:38:01","date_gmt":"2024-01-26T15:38:01","guid":{"rendered":"https:\/\/44.250.171.167\/?p=158065"},"modified":"2024-01-26T10:38:02","modified_gmt":"2024-01-26T15:38:02","slug":"jsw-steel-ltd-q3-fy24-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/jsw-steel-ltd-q3-fy24-earnings-conference-call-insights\/","title":{"rendered":"JSW Steel Ltd Q3 FY24 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from JSW Steel Ltd (JSWSTEEL) Q3 FY24 Earnings Concall<\/strong><\/p>\n<ul>\n<li><strong>Steel Industry Trends<\/strong>\n<ul>\n<li>Global crude steel production flat in 2023, decline in advanced economies.<\/li>\n<li>China&#8217;s steel production flat, but exports up 32% on weak domestic demand.<\/li>\n<li>India&#8217;s steel production up 12%, consumption up 12% in Q3FY24.<\/li>\n<li>Imports up in India, but should moderate with global prices nearing parity.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Financial\/Operational Performance<\/strong>\n<ul>\n<li>Consolidated revenues at INR41,940 crore, EBITDA at INR7,180 crore.<\/li>\n<li>EBITDA per tonne at INR11,957.<\/li>\n<li>Record consolidated steel production at 6.87 million tons in Q3FY24, up 12% YoY.<\/li>\n<li>Consolidated sales volume at 6 million tons, down 5% QoQ.<\/li>\n<li>Institutional sales up 8% QoQ; share of value added products at 60%.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Balance Sheet Position<\/strong>\n<ul>\n<li>Net debt increased QoQ largely due to higher working capital and capex.<\/li>\n<li>Balance sheet remains healthy; net debt ratios remain range bound.<\/li>\n<li>Expect some deleveraging by FY24 end with working capital release.<\/li>\n<li>Will repay upcoming USD bonds from cash balances and internal accruals.<\/li>\n<li>Onshore funding currently more cost competitive.<\/li>\n<li>Will continue tapping onshore markets given lower costs.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Raw Material Cost<\/strong>\n<ul>\n<li>Coking coal costs increased $21\/tonne in Q3, guided increase of $20-25\/tonne in Q4.<\/li>\n<li>Iron ore costs increased in India due to higher exports and global prices.<\/li>\n<li>Enhancing captive mining limits to improve raw material security.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Pricing Environment<\/strong>\n<ul>\n<li>Global steel prices increased significantly across most regions.<\/li>\n<li>Domestic prices nearing import parity; expect recovery in Q4.<\/li>\n<li>Q4 to be supported by higher exports, better product mix.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Growth Outlook<\/strong>\n<ul>\n<li>Remain positive on India&#8217;s growth story and steel demand growth.<\/li>\n<li>Capex plans on track; spent INR13,249 crore in 9MFY24.<\/li>\n<li>External shocks like supply chain disruption or oil spike are key risks.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Capex Spending<\/strong>\n<ul>\n<li>Capex for FY23 revised down to INR 18,000 crores from INR 20,000 crores due to some project delays.<\/li>\n<li>Payments for some projects are spilling over into Q1 FY24.<\/li>\n<li>No major project cancellations, most expansions on track.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Volume Growth<\/strong>\n<ul>\n<li>BPSL expansion to add 1.5 million tonnes capacity by end of Q4 FY23.<\/li>\n<li>Vijayanagar expansion of 5 million tonnes to start contributing fully in FY24.<\/li>\n<li>Will provide volume guidance for FY24 during next earnings call.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Future Capacity Expansion<\/strong>\n<ul>\n<li>Brownfield expansion potential of ~15 million tonnes across Vijayanagar, Dolvi and Jharsuguda.<\/li>\n<li>At 10% demand growth, requires 5-6 million tonnes annually.<\/li>\n<li>Also planning 4 million tonne greenfield facility in western India.<\/li>\n<li>Target exceeding 50 million tonnes capacity by end of the decade.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Outlook<\/strong>\n<ul>\n<li>Global economy more resilient than expected in 2023.<\/li>\n<li>Inflation dropping across regions, rate cuts likely from mid-2024.<\/li>\n<li>India demand growth of 14-15 million tonnes estimated in 2023 over 2022.<\/li>\n<li>Total demand of 134-135 million tonnes likely by year end.<\/li>\n<li>8-10% medium term growth expected to continue in India.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Slurry Pipeline Project<\/strong>\n<ul>\n<li>90 kms of 300 kms pipeline laying completed.<\/li>\n<li>125 kms welding completed.<\/li>\n<li>Secured land permits in Odisha section.<\/li>\n<li>On track for commissioning in 2026.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Working Capital and Inventory<\/strong>\n<ul>\n<li>Partially liquidating inventory build-up from Q3 in Q4.<\/li>\n<li>Will release some working capital to reduce debt.<\/li>\n<li>Stronger Q4 volumes will also improve working capital.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from JSW Steel Ltd (JSWSTEEL) Q3 FY24 Earnings Concall Steel Industry Trends Global crude steel production flat in 2023, decline in advanced economies. China&#8217;s steel production flat, but exports up 32% on weak domestic demand. India&#8217;s steel production up 12%, consumption up 12% in Q3FY24. Imports up in India, but should moderate with [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":154818,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,5753],"tags":[10169,9478,9010],"class_list":["post-158065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-industrials","tag-earnings","tag-industirals","tag-steel-producer"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":177804,"url":"https:\/\/alphastreet.com\/india\/jsw-steel-q3-fy26-earnings-results\/","url_meta":{"origin":158065,"position":0},"title":"JSW Steel Q3 FY26 Earnings Results","author":"Divyansh_Kasana","date":"January 27, 2026","format":false,"excerpt":"Executive Summary JSW Steel Ltd reported Q3FY26 revenues of \u20b945,991 crore, up 11.15% YoY, with consolidated net profit surging 235.19% to \u20b92,410 crore. Total expenses rose 10.01% YoY to \u20b944,278 crore, enabling substantial earnings recovery. Revenue & Growth Revenues increased to \u20b945,991.00 crore in Q3FY26 from \u20b941,378.00 crore YoY, a\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/JSW.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/JSW.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/JSW.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/JSW.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/JSW.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/JSW.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":171605,"url":"https:\/\/alphastreet.com\/india\/jsw-steel-q2-fy26-earnings-results\/","url_meta":{"origin":158065,"position":1},"title":"JSW Steel Q2 FY26 Earnings Results","author":"Divyansh_Kasana","date":"October 17, 2025","format":false,"excerpt":"Company Overview JSW Steel Ltd is a leading Indian steel manufacturer engaged in the production and sale of Iron and Steel products. It is the flagship business of the diversified US$ 23 billion JSW Group, with interests spanning energy, infrastructure, cement, paints, sports, and venture capital. Presenting below its Q2\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"JSWSTEEL Q2 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/JSSTEEL.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/JSSTEEL.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/JSSTEEL.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/JSSTEEL.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/JSSTEEL.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/JSSTEEL.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":156342,"url":"https:\/\/alphastreet.com\/india\/steel-authority-of-india-ltd-q2-fy24-earnings-conference-call-insights\/","url_meta":{"origin":158065,"position":2},"title":"Steel Authority of India Ltd Q2 FY24 Earnings Conference Call Insights","author":"Praveen","date":"November 16, 2023","format":false,"excerpt":"Key highlights from Steel Authority of India Ltd (SAIL) Q2 FY24 Earnings Concall Financial Performance SAIL registered best ever Q2 results in Q2 FY2024. Crude steel production grew 12% and saleable steel production grew 17% in Q2 FY24. Sales volume grew 13% domestically and total sales turnover grew 13% in\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":158429,"url":"https:\/\/alphastreet.com\/india\/jsw-steel-ltd-q3fy24-417-rise-in-profits-2\/","url_meta":{"origin":158065,"position":3},"title":"JSW Steel Ltd Q3FY24; 417% rise in Profits","author":"Divyansh_Kasana","date":"February 5, 2024","format":false,"excerpt":"JSW Steel is primarily engaged in the business of manufacture and sale of Iron and Steel Products.It is the flagship business of the diversified, US$ 23 billion JSW Group.The Group has interests in energy, infrastructure, cement, paints, sports, and venture capital. 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The increase in demand led to high power deficits, similar to 2004-2006 levels despite much higher grid\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/158065","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/1767"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=158065"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/158065\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/154818"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=158065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=158065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=158065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}