JSW Steel gets ₹1,473 crore demand notice from Odisha govt over Jajang iron ore block

JSW Steel had earlier disclosed on August 3, 2024, that it had surrendered the Jajang iron ore block due to uneconomic operations. Mining operations at the block ceased in December 2024 under the Final Mine Closure Plan approved by the Indian Bureau of Mines.

Also Read: JSW Steel shares fall 7% after Supreme Court rejects Bhushan Power & Steel resolution planThe company stated it believes that due legal process has been followed and that it will take appropriate legal remedies against the demand notice in consultation with its legal advisors.

First Quarter ResultsNet profit for the period stood at ₹2,184 crore from ₹845 crore during the same quarter last year. This was aided by a 3.3% or over ₹1,400 crore drop in the company’s total expenses compared to last year. Total expenses for the quarter stood at ₹40,325 crore from ₹41,715 crore last year. Revenue for the quarter remained flat, showing a modest 0.5% increase to ₹43,147 crore.

Lower expenses also contributed to JSW Steel’s improved operating performance. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at ₹7,576 crore, which is a 37.5% growth from the same quarter last year, while margins expanded by nearly 500 basis points to 17.56% from 12.83% last year.

The company’s net debt at the end of the June quarter stood at ₹79,850 crore, which is higher by ₹3,287 crore compared to the March quarter, largely due to investment in working capital. Net debt-to-EBITDA at the end of the quarter stood at 3.2x, compared to 3.34x at the end of March.

Also Read: JSW Steel bucks the trend as only gainer on Nifty Metal index in 2025

Shares of JSW Steel Ltd ended at ₹1,053.95, down by ₹18.25, or 1.70%, on the BSE.