JSWSTEEL Financial Statements

JSWSTEEL Annual Results

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Y/e 31 Mar Mar-2022 Mar-2021 Mar-2020 Mar-2018
Growth matrix (%)        
Revenue growth 83.30 8.88 4.42 26.30
Op profit growth 93.70 69.60 (20) 21.50
EBIT growth 115 96.40 (29) 30.10
Net profit growth 161 96.30 (35) 76.40
Profitability ratios (%)        
OPM 26.60 25.20 16.20 21.10
EBIT margin 23.60 20.10 11.10 16.50
Net profit margin 14.10 9.91 5.50 8.85
RoCE 25.30 14.10 8.38 14
RoNW 9.15 4.81 3.11 6.11
RoA 3.78 1.73 1.03 1.88
Per share ratios ()        
EPS 69.60 26.10 13 20.20
Dividend per share 17.40 6.50 2 3.20
Cash EPS 48.60 10.70 (0.70) 9.37
Book value per share 223 151 122 93.50
Valuation ratios        
P/E 10.50 17.90 11.20 14.20
P/CEPS 15.10 43.70 (204) 30.70
P/B 3.28 3.09 1.21 3.10
EV/EBIDTA 5.72 8.05 6.83 7.20
Payout (%)        
Dividend payout -- -- -- 12.40
Tax payout (30) (34) 23.20 (20)
Liquidity ratios        
Debtor days 14.90 20.60 22.90 23
Inventory days 59.90 64.10 65.60 62.30
Creditor days (41) (66) (64) (46)
Leverage ratios        
Interest coverage (7) (4.10) (1.90) (3.10)
Net debt / equity 0.81 1.18 1.35 1.35
Net debt / op. profit 1.41 2.68 4.16 2.58
Cost breakup ()        
Material costs (40) (41) (53) (56)
Employee costs (2.40) (3.10) (3.90) (2.60)
Other costs (30) (31) (27) (21)
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Y/e 31 Mar( In .Cr) Mar-2022 Mar-2021 Mar-2020 Mar-2018
Revenue 146,371 79,839 73,326 70,225
yoy growth (%) 83.30 8.88 4.42 26.30
Raw materials (59,270) (32,508) (38,730) (39,025)
As % of sales 40.50 40.70 52.80 55.60
Employee costs (3,493) (2,506) (2,839) (1,843)
As % of sales 2.39 3.14 3.87 2.62
Other costs (44,601) (24,684) (19,884) (14,563)
As % of sales 30.50 30.90 27.10 20.70
Operating profit 39,007 20,141 11,873 14,794
OPM 26.60 25.20 16.20 21.10
Depreciation (6,001) (4,679) (4,246) (3,387)
Interest expense (4,968) (3,957) (4,265) (3,701)
Other income 1,531 592 546 167
Profit before tax 29,569 12,097 3,908 7,873
Taxes (8,807) (4,142) 906 (1,538)
Tax rate (30) (34) 23.20 (20)
Minorities and other (273) 38 111 143
Adj. profit 20,489 7,993 4,925 6,478
Exceptional items (741) (83) (805) (264)
Net profit 20,665 7,911 4,030 6,214
yoy growth (%) 161 96.30 (35) 76.40
NPM 14.10 9.91 5.50 8.85
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Y/e 31 Mar ( In .Cr) Mar-2022 Mar-2021 Mar-2020 Mar-2018
Profit before tax 29,569 12,097 3,908 7,873
Depreciation (6,001) (4,679) (4,246) (3,387)
Tax paid (8,807) (4,142) 906 (1,538)
Working capital 21,775 9,059 10,716 3,872
Other operating items -- -- -- --
Operating cashflow 36,536 12,335 11,284 6,820
Capital expenditure 96,227 46,172 36,263 8,454
Free cash flow 132,763 58,508 47,548 15,274
Equity raised 62,064 53,348 48,810 42,566
Investments 2,026 5,337 (491) 806
Debt financing/disposal 65,292 59,220 52,161 23,680
Dividends paid -- -- -- 770
Other items -- -- -- --
Net in cash 262,145 176,414 148,028 83,097
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Y/e 31 Mar ( In .Cr) Mar-2022 Mar-2021 Mar-2020 Mar-2019
Equity capital 301 302 301 301
Preference capital 29 26 24 20
Reserves 66,996 45,308 36,298 34,494
Net worth 67,326 45,636 36,623 34,815
Minority interest
Debt 72,208 66,701 61,399 47,376
Deferred tax liabilities (net) 11,270 9,676 9,454 11,291
Total liabilities 152,042 121,394 106,901 93,032
Fixed assets 116,785 97,483 89,276 74,533
Intangible assets
Investments 4,940 7,427 1,259 1,894
Deferred tax asset (net) 3,649 6,167 7,777 7,514
Net working capital 9,285 (2,496) (3,414) 2,904
Inventories 33,787 14,249 13,773 14,548
Inventory Days 84.30 65.10 68.60 --
Sundry debtors 7,457 4,486 4,505 7,160
Debtor days 18.60 20.50 22.40 --
Other current assets 16,133 10,705 11,004 10,475
Sundry creditors (15,933) (8,210) (13,291) (9,095)
Creditor days 39.70 37.50 66.20 --
Other current liabilities (32,159) (23,726) (19,405) (20,184)
Cash 17,383 12,813 12,003 6,187
Total assets 152,042 121,394 106,901 93,032
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Particulars ( Rupees In Crores.) Mar-2022 Mar-2021 Mar-2020 Mar-2019 Mar-2018
Gross Sales 143,829 78,059 71,116 82,499 71,349
Excise Duty -- -- -- -- 1,278
Net Sales 143,829 78,059 71,116 82,499 70,071
Other Operating Income 2,542 1,780 2,210 2,258 1,862
Other Income 2,448 593 546 204 209
Total Income 148,819 80,432 73,872 84,961 72,142
Total Expenditure ** 108,105 59,781 62,348 65,835 57,403
PBIDT 40,714 20,651 11,524 19,126 14,739
Interest 4,968 3,957 4,265 3,917 3,701
PBDT 35,746 16,694 7,259 15,209 11,038
Depreciation 6,001 4,679 4,246 4,041 3,387
Minority Interest Before NP -- -- -- -- --
Tax 4,974 2,467 943 2,473 1,826
Deferred Tax 3,833 1,675 (1,849) 1,171 (288)
Reported Profit After Tax 20,938 7,873 3,919 7,524 6,113
Minority Interest After NP 273 (38) (111) (115) --
Net Profit after Minority Interest 20,665 7,911 4,030 7,639 6,113
Extra-ordinary Items (522) (54) (553) -- (201)
Adjusted Profit After Extra-ordinary item 21,187 7,965 4,583 7,639 6,314
EPS (Unit Curr.) 86 32.90 16.80 31.80 25.90
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 1,735 650 200 410 320
Equity 301 241 240 240 241
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 28.30 26.50 16.20 23.20 21
PBDTM(%) 24.90 21.40 10.20 18.40 15.80
PATM(%) 14.60 10.10 5.51 9.12 8.72
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