Iron and steel products manufacturer JSW Steel Ltd. reported a lower net profit for the fourth-quarter, both on consolidated and stand-alone grounds, on declined incomes.
The profit for the quarter was also impacted due to increase interest and depreciation costs and higher tax provision.
The company also had to outsource iron ore at an expensive rate due to the mining ban imposed by the Supreme Court in Karnataka where the firm has 10 million tonne capacity. The firm can however, resume operations in the state after the SC lifted mining ban last month.
Consolidated Results
The Mumbai-based company posted a fourth-quarter consolidated net profit, after minority interest and share of associates, of Rs.295.91 crore or Rs.12.90 per share, compared with Rs.769.73 crore or Rs.34.14 per share reported in the fourth-quarter of 2012, reflecting a 62 decline.
Results for the quarter under review included a one-time gain of Rs.70.15 crore, under exceptional items, compared with a gain of Rs.200.14 crore in Q4FY12, toward foreign exchange translation gain.
Quarterly net income from operations declined by three percent to Rs.9,851.54 crore from the Rs.10,152.68 crore in the year-ago quarter, while other operating income amounted to Rs.46.61 crore, compared with Rs.208.29 crore in the previous year quarter.
Gross income from operations for the quarter amounted to Rs.10,675.13 crore, lower by two percent than the Rs.10,930.40 crore in the year-ago quarter.
During the quarter, income from 'Steel' segment fell by seven percent to Rs.9,782.69 crore from the Rs.10,485.98 crore in the prior-year quarter, while that of 'Power' segment totaled Rs.1,066.41 crore, up by 24 percent from Rs.854.87 crore for the fourth-quarter in the previous year. Income for the quarter from 'Others' stood at Rs.213.71 crore, compared with Rs.105.76 crore in Q4FY12.
For the full year, the company posted a consolidated net profit, after minority interest and share of associates, of Rs.963.11 crore, up by 79 percent from the Rs.537.68 crore a year-ago. Total income, including other operating income, was Rs.38,209.65 crore, compared with Rs.34,368.05 crore in the prior-year, an increase of 11 percent.
Gross income from operations for the year amounted to Rs.41,463.15 crore, compared with Rs.36,719.83 crore, an increase of 13 percent.
Stand-alone Results
The company posted a fourth-quarter stand-alone net profit of Rs.573.23 crore or Rs.25.33 per share, down by 24 percent from Rs.752.18 crore or Rs.33.35 per share in the fourth-quarter of 2012.
Results for the quarter under review included a one-time gain of Rs.129.87 crore, under exceptional items, compared with a gain of Rs.119.17 crore in Q4FY12 toward foreign exchange translation gain.
Quarter net income from operations fell by three percent to Rs.9,248.82 crore from Rs.9,511.22 crore in the year-ago quarter, while other operating income totaled Rs.42.04 crore, compared with Rs.33.45 crore in the previous year quarter.
Gross income from operations for the quarter amounted to Rs.10,075.51 crore, compared with Rs.10,291.44 crore, registering a two percent drop.
For the fiscal year, JSW Steels stand-alone net profit increased by 11 percent to Rs.1,801.22 crore from the Rs.1,625.86 crore last year. Total income, including other operating income, rose by ten percent to Rs.35,491.81 crore from Rs.32,122.66 crore a year-ago.
Gross income from operations for the year totaled Rs.38,763.41 crore, compared with Rs.34,658.48 crore, an increase of 12 percent.
During the fiscal year, crude steel production totaled 8.52 million tons, up by 15 percent over last year, while total saleable steel sold was 8.87 million tons, up by 14 over a year-ago.
The company's Board has recommended a dividend of 100 percent or Rs.10.00 per equity share of Rs.10 each for the fiscal year 2013.
The board also recommended a dividend of Re.1.00 per share on the ten percent Cumulative Redeemable Preference Shares of Rs.10 each for the fiscal year 2013.
At the BSE, JSW Steel closed Thursday's trading at Rs.668.10, up 0.49 percent from the previous close.
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