The fall in profitability was due to a write-off taken for mining investment and assets (Rs 192 crore) and expenses related to water charges for prior year; and relinquishment of long term power agreement, partially offset by a 9% sequential fall in interest expense.

The revenue growth was aided by higher steel volumes and steel prices, partially offset by lower pellet sales.

JSPL India operations reported the highest ever steel production of 2.11 million tonnes (up 2% YoY) and sales of 2.08 million tonnes (up 9% YoY) in Q4 FY22. Sales were also aided by improved demand from export markets with export share rising to 29% in Q4 FY22 as against 23% in Q3 FY22.

Pellet production of 1.98mt posted a modest decline of 2% Y-o-Y. External sales of 0.14mt was lower by 53% Y-o-Y due to higher internal consumption.

EBITDA declined by 42% to Rs 2,827 crore in Q4 FY22 from Rs 4,884 crore in Q4 FY21, due to surging coking coal costs.

Profit before tax in Q4 FY22 stood at Rs 1,686 crore, down by 62% from Rs 4,489 crore in Q4 FY21.

The company recorded 16% rise in standalone net profit to Rs 8,283 crore on a 49% increase in gross revenue to Rs 55,264 crore in FY22 as compared with FY21.

JSPL said that the company will aim for 8.5-9 million tonnes of production in FY23, it added.

JSPL is a leading Indian infrastructure conglomerate with a presence in the steel, power, and mining sectors.

The scrip shed 0.25% to currently trade at Rs 386.40 on the BSE.