Chennai: Sajjan Jindal-led JSW Steel, which reported a 48 per cent decline in consolidated net profit for the March quarter mainly on the back of higher cost of production and decline in realisations, has planned a capex of Rs 15,700 crore for the current fiscal.
The company, which had posted a consolidated net profit of Rs 2,879 crore in the year-ago quarter, has got an approval from the board for new capital expenditure (capex) proposals entailing a spend of Rs 5,700 crore over the next two years.
The company’s consolidated total income during January-March period was Rs 22,421 crore as against Rs 21,381 crore a year ago. The total expenses rose to Rs 20,058 crore from Rs 17,794 crore during the quarter ended March 2018.
The total income from operations and net profit for the entire fiscal increased to Rs 84,757 crore and Rs 7,524 crore, respectively, from Rs 73,211 crore and Rs 6,113 crore in 2019-18.
“For the current fiscal, we have planned a capex of Rs 15,700 crore. With the fresh approval of Rs 5,700 crore, we are now implementing a cumulative capex spend of Rs 48,715 crore (net of capex projects put on hold during the year) over FY18-FY21,” the company’s joint managing director and Group CFO Seshagiri Rao said.