Integrated Filing — IndAS

General information about company
Scrip Code	500228
NSE Symbol	JSWSTEEL
MSEI Symbol	NOTLISTED
ISIN	INE019A01038
Name of company	JSW STEEL LIMITED
Type of company	Main Board
Class of security	Equity
Date of start of financial year	01-Apr-2024
Date of end of financial year	31-Mar-2025
Date of board meeting when results were approved	23-May-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange	16-May-2025
Description of presentation currency	INR (in Actuals)
Reporting Type	Quarterly
Reporting Quarter	Fourth quarter
Nature of report standalone or consolidated	Consolidated
Whether results are audited or unaudited for the quarter ended	Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended	Audited
Segment Reporting	Single segment
Description of single segment	Manufacturing of steel
Start date and time of board meeting	23-May-2025   10:00:00
End date and time of board meeting	23-May-2025   15:40:00
Whether cash flow statement is applicable on company	Yes
Type of cash flow statement	Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification	Statement on impact of audit qualification

Financial Results Ind-AS
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Audited	Audited
D	Nature of report standalone or consolidated	Consolidated	Consolidated
Part I	Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1	Income
	Revenue from operations	448190000000	1688240000000
	Other income	2300000000	6940000000
	Total income	450490000000	1695180000000
2	Expenses
(a)	Cost of materials consumed	227730000000	883240000000
(b)	Purchases of stock-in-trade	5490000000	8450000000
(c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	5510000000	8290000000
(d)	Employee benefit expense	11810000000	47980000000
(e)	Finance costs	20940000000	84120000000
(f)	Depreciation, depletion and amortisation expense	24970000000	93090000000
(f)	Other Expenses
1	Mining premium and royalties	20240000000	91440000000
2	Power and fuel	42780000000	161610000000
3	Other expenses	70850000000	258190000000
	Total other expenses	133870000000	511240000000
	Total expenses	430320000000	1636410000000
3	Total profit before exceptional items and tax	20170000000	58770000000
4	Exceptional items	-440000000	-4890000000
5	Total profit before tax	19730000000	53880000000
6	Tax expense
7	Current tax	7760000000	17680000000
8	Deferred tax	-5470000000	-1820000000
9	Total tax expenses	2290000000	15860000000
10	Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement	0	0
11	Net Profit Loss for the period from continuing operations	17440000000	38020000000
12	Profit (loss) from discontinued operations before tax	0	0
13	Tax expense of discontinued operations	0	0
14	Net profit (loss) from discontinued operation after tax	0	0
15	Share of profit (loss) of associates and joint ventures accounted for using equity method	-2430000000	-3110000000
16	Total profit (loss) for period	15010000000	34910000000
17	Other comprehensive income net of taxes	-9450000000	500000000
18	Total Comprehensive Income for the period	5560000000	35410000000
19	Total profit or loss, attributable to
	Profit or loss, attributable to owners of parent	15030000000	35040000000
	Total profit or loss, attributable to non-controlling interests	-20000000	-20000000
20	Total Comprehensive income for the period attributable to
	Comprehensive income for the period attributable to owners of parent	5580000000	35550000000
	Total comprehensive income for the period attributable to owners of parent non-controlling interests	-20000000	-140000000
21	Details of equity share capital
	Paid-up equity share capital	2440000000	2440000000
	Face value of equity share capital	1	1
27	Details of debt securities
22	Reserves excluding revaluation reserve		791910000000
23	Earnings per share
i	Earnings per equity share for continuing operations
	Basic earnings (loss) per share from continuing operations	6.15	14.36
	Diluted earnings (loss) per share from continuing operations	6.14	14.32
ii	Earnings per equity share for discontinued operations
	Basic earnings (loss) per share from discontinued operations	0	0
	Diluted earnings (loss) per share from discontinued operations	0	0
ii	Earnings per equity share
	Basic earnings (loss) per share from continuing and discontinued operations	6.15	14.36
	Diluted earnings (loss) per share from continuing and discontinued operations	6.14	14.32
24	Debt equity ratio	0.0117	0.0117
25	Debt service coverage ratio	0.027	0.0199
26	Interest service coverage ratio	0.0322	0.029
27	Disclosure of notes on financial results

Remarks
Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio

Statement of Asset and Liabilities
Particulars		Year ended (dd-mm-yyyy)
Date of start of reporting period		01-Apr-2024
Date of end of reporting period		31-Mar-2025
Whether results are audited or unaudited		Audited
Nature of report standalone or consolidated		Consolidated
	Assets
1	Non-current assets
	Property, plant and equipment	1168140000000
	Capital work-in-progress	204780000000
	Investment property	1630000000
	Goodwill	6430000000
	Other intangible assets	20090000000
	Intangible assets under development	5290000000
	Biological assets other than bearer plants	0
	Investments accounted for using equity method	36890000000
	Non-current financial assets
	Non-current investments	57090000000
	Trade receivables, non-current	0
	Loans, non-current	700000000
	Other non-current financial assets	118520000000
	Total non-current financial assets	176310000000
	Deferred tax assets (net)	2970000000
	Other non-current assets	77530000000
	Total non-current assets	1700060000000
2	Current assets
	Inventories	349560000000
	Current financial asset
	Current investments	58190000000
	Trade receivables, current	84150000000
	Cash and cash equivalents	116550000000
	Bank balance other than cash and cash equivalents	16300000000
	Loans, current	20000000
	Other current financial assets	15310000000
	Total current financial assets	290520000000
	Current tax assets (net)	150000000
	Other current assets	66840000000
	Total current assets	707070000000
3	Non-current assets classified as held for sale	290000000
4	Regulatory deferral account debit balances and related deferred tax Assets	0
	Total assets	2407420000000
	Equity and liabilities
1	Equity
	Equity attributable to owners of parent
	Equity share capital	3050000000
	Other equity	791910000000
	Total equity attributable to owners of parent	794960000000
	Non controlling interest	21700000000
	Total equity	816660000000
2	Liabilities
	Non-current liabilities
	Non-current financial liabilities
	Borrowings, non-current	819830000000
	Trade payables, non-current
	(A) Total outstanding dues of micro enterprises and small enterprises	0
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	0
	Total Trade payable	0
	Other non-current financial liabilities	55230000000
	Total non-current financial liabilities	875060000000
	Provisions, non-current	13990000000
	Deferred tax liabilities (net)	95100000000
	Deferred government grants, Non-current	0
	Other non-current liabilities	350000000
	Total non-current liabilities	984500000000
	Current liabilities
	Current financial liabilities
	Borrowings, current	139740000000
	Trade payables, current
	(A) Total outstanding dues of micro enterprises and small enterprises	13160000000
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	312360000000
	Total Trade payable	325520000000
	Other current financial liabilities	80110000000
	Total current financial liabilities	545370000000
	Other current liabilities	56060000000
	Provisions, current	2850000000
	Current tax liabilities (Net)	1980000000
	Deferred government grants, Current	0
	Total current liabilities	606260000000
3	Liabilities directly associated with assets in disposal group classified as held for sale	0
4	Regulatory deferral account credit balances and related deferred tax liability	0
	Total liabilities	1590760000000
	Total equity and liabilites	2407420000000
	Disclosure of notes on assets and liabilities

Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars		3 months/ 6 month ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period		01-Jan-2025	01-Apr-2024
Date of end of reporting period		31-Mar-2025	31-Mar-2025
Whether accounts are audited or unaudited		Audited	Audited
Nature of report standalone or consolidated		Consolidated	Consolidated
1	Segment Revenue (Income)
	(net sale/income from each segment should be disclosed)
	Total Segment Revenue
	Less: Inter segment revenue
	Revenue from operations
2	Segment Result
	Profit (+) / Loss (-) before tax and interest from each segment
	Total Profit before tax
	i. Finance cost
	ii. Other Unallocable Expenditure net off Unallocable income
	Profit before tax
3	(Segment Asset - Segment Liabilities)
	Segment Asset
	Total Segment Asset
	Un-allocable Assets	null	null
	Net Segment Asset	null	null
4	Segment Liabilities
	Segment Liabilities
	Total Segment Liabilities
	Un-allocable Liabilities	null	null
	Net Segment Liabilities	null	null
	Disclosure of notes on segments

Other Comprehensive Income
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Audited	Audited
D	Nature of report standalone or consolidated	Consolidated	Consolidated
	Other comprehensive income [Abstract]
1	Amount of items that will not be reclassified to profit and loss
1	Items that will not be reclassified to profit or loss	-10640000000	880000000
	Total Amount of items that will not be reclassified to profit and loss	-10640000000	880000000
2	Income tax relating to items that will not be reclassified to profit or loss	-1540000000	1450000000
3	Amount of items that will be reclassified to profit and loss
1	Items that will be reclassified to profit or loss	-500000000	2480000000
	Total Amount of items that will be reclassified to profit and loss	-500000000	2480000000
4	Income tax relating to items that will be reclassified to profit or loss	-150000000	1410000000
5	Total Other comprehensive income	-9450000000	500000000

Cash flow statement, indirect
Particulars				Year ended (dd-mm-yyyy)
A	Date of start of reporting period			2024-04-01
B	Date of end of reporting period			2025-03-31
C	Whether results are audited or unaudited			Audited
D	Nature of report standalone or consolidated			Consolidated
Part I	Blue color marked fields are non-mandatory.
	Statement of cash flows
	Cash flows from used in operating activities
	Profit before tax			53880000000
	Adjustments for reconcile profit (loss)
	Adjustments for finance costs			81250000000
	Adjustments for decrease (increase) in inventories			26090000000
	Adjustments for decrease (increase) in trade receivables, current			-8660000000
	Adjustments for decrease (increase) in trade receivables, non-current			0
	Adjustments for decrease (increase) in other current assets			-12290000000
	Adjustments for decrease (increase) in other non-current assets			0
	Adjustments for other financial assets, non-current			0
	Adjustments for other financial assets, current			0
	Adjustments for other bank balances			0
	Adjustments for increase (decrease) in trade payables, current			-10960000000
	Adjustments for increase (decrease) in trade payables, non-current			0
	Adjustments for increase (decrease) in other current liabilities			0
	Adjustments for increase (decrease) in other non-current liabilities			0
	Adjustments for depreciation and amortisation expense			93090000000
	Adjustments for impairment loss reversal of impairment loss recognised in profit or loss			0
	Adjustments for provisions, current			-990000000
	Adjustments for provisions, non-current			0
	Adjustments for other financial liabilities, current			0
	Adjustments for other financial liabilities, non-current			0
	Adjustments for unrealised foreign exchange losses gains			0
	Adjustments for dividend income			240000000
	Adjustments for interest income			5470000000
	Adjustments for share-based payments			1700000000
	Adjustments for fair value losses (gains)			-470000000
	Adjustments for undistributed profits of associates			0
	Other adjustments for which cash effects are investing or financing cash flow			0
	Other adjustments to reconcile profit (loss)			5950000000
	Other adjustments for non-cash items			5840000000
	Share of profit and loss from partnership firm or association of persons or limited liability partnerships			0
	Total adjustments for reconcile profit (loss)			174840000000
	Net cash flows from (used in) operations			228720000000
	Dividends received			0
	Interest paid			0
	Interest received			0
	Income taxes paid (refund)			19730000000
	Other inflows (outflows) of cash			0
	Net cash flows from (used in) operating activities			208990000000
	Cash flows from used in investing activities
	Cash flows from losing control of subsidiaries or other businesses			0
	Cash flows used in obtaining control of subsidiaries or other businesses			18800000000
	Other cash receipts from sales of equity or debt instruments of other entities			62740000000
	Other cash payments to acquire equity or debt instruments of other entities			120490000000
	Other cash receipts from sales of interests in joint ventures			0
	Other cash payments to acquire interests in joint ventures			0
	Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships			0
	Cash payment for investment in partnership firm or association of persons or limited liability partnerships			0
	Proceeds from sales of property, plant and equipment			590000000
	Purchase of property, plant and equipment			126940000000
	Proceeds from sales of investment property			0
	Purchase of investment property			0
	Proceeds from sales of intangible assets			0
	Purchase of intangible assets			0
	Proceeds from sales of intangible assets under development			0
	Purchase of intangible assets under development			0
	Proceeds from sales of goodwill			0
	Purchase of goodwill			0
	Proceeds from biological assets other than bearer plants			0
	Purchase of biological assets other than bearer plants			0
	Proceeds from government grants			0
	Proceeds from sales of other long-term assets			0
	Purchase of other long-term assets			0
	Cash advances and loans made to other parties			0
	Cash receipts from repayment of advances and loans made to other parties			0
	Cash payments for future contracts, forward contracts, option contracts and swap contracts			0
	Cash receipts from future contracts, forward contracts, option contracts and swap contracts			0
	Dividends received			240000000
	Interest received			6600000000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			26090000000
	Net cash flows from (used in) investing activities	-169970000000
	Cash flows from used in financing activities
	Proceeds from changes in ownership interests in subsidiaries			0
	Payments from changes in ownership interests in subsidiaries			0
	Proceeds from issuing shares			0
	Proceeds from issuing other equity instruments			0
	Payments to acquire or redeem entity's shares			0
	Payments of other equity instruments			0
	Proceeds from exercise of stock options			0
	Proceeds from issuing debentures notes bonds etc			0
	Proceeds from borrowings			282430000000
	Repayments of borrowings			187580000000
	Payments of lease liabilities			3690000000
	Dividends paid			17850000000
	Interest paid			88350000000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			12420000000
	Net cash flows from (used in) financing activities			-2620000000
	Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes			36400000000
	Effect of exchange rate changes on cash and cash equivalents
	Effect of exchange rate changes on cash and cash equivalents			-150000000
	Net increase (decrease) in cash and cash equivalents			36250000000
	Cash and cash equivalents cash flow statement at beginning of period			80300000000
	Cash and cash equivalents cash flow statement at end of period			116550000000

Audit qualification
Sr.	Details of Audit Qualification	Type of Audit Qualification	Frequency of qualification	For Audit Qualification(s) where the impact is quantified by the auditor	For Audit Qualification(s) where the impact is not quantified by the auditor
				Management's Views	(i) Management's estimation on the impact of audit qualification	(ii) If management is unable to estimate the impact, reasons for the same	Auditors' Comments on (i) or (ii) above
1	Textual Information(1)	Qualified opinion	Whether appeared first time	Textual Information(2)	Textual Information(3)	Textual Information(4)	Textual Information(5)

Text Block
Textual Information(1)	As stated in note 2 to the consolidated financial results the Company is in process of evaluating the possible legal remedies pursuant to the Honble Supreme Courts rejection of the Companys Resolution Plan for acquisition of Bhushan Power and Steel Limited BPSL and believes there is no adverse material impact on the consolidated financial results. Pending the outcomes of the legal remedies being evaluated by the Company as stated in the said note and the final outcome of regulatory actions and given the uncertainties involved in this regard we are unable to assess the possible consequential effects thereof on these consolidated financial results. n nThe Honble Supreme Court pronounced the judgment dated 2 May 2025 rejecting Companys resolution plan for Bhushan Power and Steel Limited BPSL a subsidiary of the Company and directing the refund to the Company of amounts paid to financial creditors and operational creditors of BPSL and equity contribution made in BPSL basis the Honble Supreme Court Order dated 6 March 2020. The Honble Supreme Court also directed that liquidation proceedings be initiated by National Company Law Tribunal NCLT for BPSL under Section 33 1 of Insolvency Bankruptcy Code IBC. n nThe Company has carried out an assessment of control as per Ind AS 110 Consolidated Financial Statements and based on legal opinion obtained by the Company has concluded that the Company has control over BPSL as at the date of the balance sheet and have continued with the consolidation of BPSL financial statement with the Company. Accordingly Revenue from Operations and Profit Before Tax include Rs. 21440 crores previous year Rs. 21893 crores and Rs. 260 crores previous year Rs. 674 crores respectively pertaining to BPSL. The Company carrying amount of the net assets relating to BPSL included in the Consolidated Financial Results as at 31 March 2025 is Rs. 14091 crores. Further the Company has carried out a recoverability assessment considering the Honble Supreme Court Order dated 6 March 2020 and judgement dated 2nd May 2025 ESCROW Agreement with erstwhile lenders of the Committee of Creditors and legal opinion obtained by the Company has concluded that the recoverable amount is sufficient enough to cover the carrying value of the net assets of BPSL and hence no provision is required to be made for the net assets included in the consolidated financial results of the Company as on 31 March 2025. The Company in consultation with its legal advisors is in the process of evaluating all options to finalise the legal remedies including Review of the judgement dated 2 May 2025 of the Honble Supreme Court. Pending the outcome of such actions no adjustments have been made since the Company believes that there is no adverse material impact on the Consolidated Financial Results as on and for the year 31 March 2025. n
Textual Information(2)	NA
Textual Information(3)	The Honble Supreme Court pronounced the judgment dated 2 May 2025 rejecting Companys resolution plan for Bhushan Power and Steel Limited BPSL a subsidiary of the Company and directing the refund to the Company of amounts paid to financial creditors and operational creditors of BPSL and equity contribution made in BPSL basis the Honble Supreme Court Order dated 6 March 2020. The Honble Supreme Court also directed that liquidation proceedings be initiated by National Company Law Tribunal NCLT for BPSL under Section 33 1 of Insolvency Bankruptcy Code IBC. The Company has carried out an assessment of control as per Ind AS 110 Consolidated Financial Statements and based on legal opinion obtained by the Company has concluded that the Company has control over BPSL as at the date of the balance sheet and have continued with the consolidation of BPSL financial statement with the Company. Accordingly Revenue from Operations and Profit Before Tax include Rs. 21440 crores previous year Rs. 21893 crores and Rs. 260 crores previous year Rs. 674 crores respectively pertaining to BPSL. The Company carrying amount of the net assets relating to BPSL included in the Consolidated Financial Results as at 31 March 2025 is Rs. 14091 crores. Further the Company has carried out a recoverability assessment considering the Honble Supreme Court Order dated 6 March 2020 and judgement dated 2nd May 2025 ESCROW Agreement with erstwhile lenders of the Committee of Creditors and legal opinion obtained by the Company has concluded that the recoverable amount is sufficient enough to cover the carrying value of the net assets of BPSL and hence no provision is required to be made for the net assets included in the consolidated financial results of the Company as on 31 March 2025. The Company in consultation with its legal advisors is in the process of evaluating all options to finalise the legal remedies including Review of the judgement dated 2 May 2025 of the Honble Supreme Court. Pending the outcome of such actions no adjustments have been made since the Company believes that there is no adverse material impact on the Consolidated Financial Results as on and for the year 31 March 2025. n
Textual Information(4)	NA
Textual Information(5)	Pending the outcomes of the legal remedies being evaluated by the Company as stated in nthe note 2 of consolidated financial results and the final outcome of regulatory actions; and ngiven the uncertainties involved in this regard, we are unable to assess the possible nconsequential effects thereof on these consolidated financial results. n