JSW Holdings (JSWHL) Q4 21/22 earnings summary

Executive summary

• FY22 revenue reached ₹18,614.21 lakh; standalone PAT rose 104.86% YoY to ₹13,460.28 lakh and consolidated PAT rose 101.58% to ₹15,161.61 lakh.

• An Unregistered Core Investment Company, with 90% of investments, loans and advances required to be in Group Companies; held 7.50% of JSW Steel, valued at over ₹13,000 crore at March 31, 2022.

Financial highlights

• Standalone revenue was ₹18,614.21 lakh vs ₹9,281.19 lakh; dividend income ₹11,828.01 lakh, interest income ₹5,805.81 lakh and pledge fees ₹980.39 lakh.

• Standalone profit before interest, depreciation and tax was ₹18,038.76 lakh; PBT ₹18,037.29 lakh and PAT ₹13,460.28 lakh vs ₹6,570.52 lakh in FY21.

• Consolidated PAT was ₹15,161.61 lakh, including ₹1,701.33 lakh share of associate profit; consolidated EPS was ₹136.66 vs ₹67.96.

• Total comprehensive income was ₹7,34,850.71 lakh consolidated, including ₹7,19,689.11 lakh OCI; investment fair-value changes drove most of the OCI.

• No dividend was recommended; FY22 profits were retained in the profit and loss account.

Outlook and guidance

• Prospects remain tied to JSW Steel and Indian steel demand; domestic demand is supported by infrastructure spending, urbanization and manufacturing initiatives.

• India steel demand was forecast at 114 MT in 2022 vs 106 MT in 2021; global steel demand forecasts were 1.84 billion MT in 2022 and 1.88 billion MT in 2023.

• FY23 global growth and steel outlook face inflation, high energy and commodity prices, Russia-Ukraine tensions, supply-chain disruption and financial-market volatility.