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JSW Steel net profit takes 69 per cent jump

Total income during the October-December quarter soars to Rs 38,225 crore from Rs 22,006 crore a year ago
Representational Image.
Representational Image.
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Our Bureau   |   New Delhi/Calcutta   |   Published 22.01.22, 01:45 AM

JSW Steel on Friday posted a 69 per cent jump in its consolidated net profit at Rs 4,516 crore for the quarter ended December, mainly on account of higher income.  The firm had clocked a net profit of Rs 2,669 crore in the year-ago period.

Total income during the October-December quarter soared to Rs 38,225 crore from Rs 22,006 crore a year ago. The expenses were also higher at Rs 31,986 crore  against Rs 18,120 crore.


In a separate statement, the company said its crude steel production stood at 5.21 million tonnes (mt), while sales were at 4.63mt during the period.  Sharing details of its subsidiaries, JSW Steel said during the quarter, JSW Steel Coated Products registered a production of 0.73mt and a sales volume of 0.77mt. It reported a profit after tax (PAT) of Rs 346 crore for the quarter.

Bhushan Power & Steel Ltd (BPSL), which became a subsidiary with effect from October 1, 2021, registered crude steel production of 0.64mt and sold 0.58mt of steel.

IDBI profit rises 53%

LIC-promoted IDBI Bank on Friday reported a 53 per cent jump in standalone net profit at Rs 578 crore for the third quarter ended December against Rs 378 crore a year ago. However, total income fell to Rs 5,772.86 crore during the quarter compared with Rs 6,003.91 crore in the same period of 2020-21.

Bandhan net up 35%

Bandhan Bank on Friday reported a 35.7 per cent growth in net profit for the third quarter ended December 31, 2021 on the back of an improvement in credit demand, collection efficiency and stability on asset quality.

Net profit during the quarter was Rs 859 crore compared to Rs 632.6 crore in the corresponding quarter previous year. On a sequential basis, the bank has recorded profit during the quarter against a loss of Rs 3008.6 crore in the second quarter due to higher provisions.

While net interest income of the bank grew by 2.6 per cent during the quarter, non-interest income grew by 26.7 per cent which led to a 7.7 per cent growth in total income to Rs 2,837 crore during the quarter compared with Rs 2,634 crore in the corresponding period a year ago.

Total advances grew 9.6 per cent to Rs 87,997.7 crore as on December 31, 2021 against Rs 80,255.2 crore a year ago. Total deposits grew 18.7 per cent to Rs 84,499.8 crore as of December 31, 2021.

Gross NPA ratio of the bank as of December 31, 2021 was at 10.81 per cent compared to 10.82 per cent as of September 30, 2021 and 1.11 per cent as of December 30, 2021.

The collection efficiency on the emerging entrepreneurs portfolio during the quarter excluding NPA and arrears was at 96 per cent compared to 88 per cent during the second quarter. The bank has made no restructuring during the quarter.

“The October-December quarter has been a good one for the bank where we have witnessed growth across all parameters.Things have stabilised on the asset quality front with collection efficiency improving. We are seeing signs of strong demand for credit,” said Chandra Shekhar Ghosh, managing director and CEO of Bandhan Bank.

“Q4 has been historically the best quarter for the bank and we are positive of our business going forward. With group loan share in total advances reduced to 52 per cent, the bank is on track to achieve the diversification strategy laid down for FY25,” he said.

The bank is looking to have an asset mix of 30 per cent of group loans by 2024-25 and remaining 70 per cent from non-group in the retail, commercial and housing sector.

The bank’s scrip at Rs 295.05 was down 1.55 per cent over the previous close at the Bombay Stock Exchange.

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