JSW Steel announces dividend of ₹7.30 per share

21 May 2024 , 12:43 PM

JSW Steel, the country’s largest steelmaker by capacity, has declared a dividend per share (DPS) of ₹7.30 for fiscal year 2024. The announced dividend is the company’s biggest payout, except for FY22, when it distributed ₹17.35 per share.

This year the company logged a total outflow of ₹1,785 Crore due to equity division. Additionally, the steel company distributed ₹822 Crore in FY23 and a record ₹4,194 Crore in FY22. For the past two years, the payout ratio (dividend as a percentage of earnings) has been about 20%.

During the financial year, the company’s net profit more than quadrupled to ₹8,973 Crore, while revenue climbed by 5.5% to ₹1.75 lakh Crore. The company’s sales volume increased 11% year on year (YoY) to 24.78 MT in FY24, and it anticipates it to reach 27.00 MT in FY 25.

JSW Steel’s March quarter results were broadly consistent with weakness in India’s business, which includes subsidiaries. As a result, operating performance exceeded Street projections. The company recorded an EBITDA of ₹6,124 Crore for the quarter.

In March 2024, the company’s net debt was ₹73,916 Crore, down ₹5,305 Crore sequentially. According to analysts that follow the company, the decrease in net debt was attributed to a reduction in working capital requirements throughout the quarter.

JSW Steel is the first Indian business to have been placed among the top 15 worldwide steel manufacturers by World Steel Dynamics for 13 consecutive years, beginning in 2008.

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