JSW Cement (JSWCEMENT) Q4 23/24 earnings summary

Executive summary

• FY24 consolidated revenue was ₹6,028.10 crore and operating EBITDA ₹1,098.93 crore; PAT was ₹62.02 crore versus ₹104.03 crore in FY23, with EPS of ₹0.91.

• Cement and GGBS sales reached 12.02 MT, up 26% YoY; installed capacity rose to 20.6 MTPA, with a 40.85 MTPA expansion target.

• Growth plans are supported by strong Indian cement demand, low-carbon products and capacity additions, while higher finance costs, fair-value items and substantial investment needs weigh on earnings and liquidity.

Financial highlights

• Consolidated revenue from operations increased to ₹6,028.10 crore from ₹5,836.72 crore in FY23; operating EBITDA was ₹1,098.93 crore and PAT ₹62.02 crore.

• Standalone revenue rose 21.5% YoY to ₹5,794.80 crore; operating EBITDA increased 28.3% to ₹1,025.64 crore, with margin at 17.7% versus 16.8%.

• Standalone PAT was ₹220.92 crore versus ₹249.75 crore; finance costs rose 45.1% to ₹379.41 crore and tax expense increased to ₹202.79 crore.

• Consolidated sales volume was 12.02 MT, up 26%; cement sales were 6.94 MT and GGBS sales 5.08 MT.

Outlook and guidance

• Capacity is targeted to increase from 20.6 MTPA to 40.85 MTPA; capacity utilisation target is 80%, supported by kiln upgrades, alternative fuels and waste heat recovery.

• Planned projects include clinker and grinding units in Rajasthan, Punjab, Madhya Pradesh and Uttar Pradesh, plus 1 MTPA greenfield grinding capacity at Sambalpur.

• Cement demand is projected at 538–543 MT by FY27 and 625–630 MT by FY29; medium-term housing and infrastructure investment are expected to support demand.

• Sustainability goals include net-zero concrete by 2050, 30% thermal substitution by 2030 and a 22% clean-power share in FY25.