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JSW Steel Debt to Remain Elevated

Steel News - Published on Wed, 27 May 2020

Image Source: JSW Steel
Financial Express reported that a negative free cash flow of INR 4,032 crore at the end of financial year 2019-2020 and continuing capital expenditure will mean JSW Steel’s debt will remain elevated. JSW Joint Managing Director and Group Chief Financial Officer Mr Seshagiri Rao told FE that the company is confident of delivering on its guidance in terms of production, sales and costs. Moreover, the company has no plans to reduce debt this year as it is in the midst of expansion. He said “We are a company which is in the midst of expansion and we have to complete those projects. We are working on not increasing the debt and we are aiming at maintaining it at the current levels. However, reduction may not be possible in this year.”

The company’s free cash flows have been coming down over the last two years from INR 4,258 crore in FY18 to INR 770 crore in FY19 and moving to negative trajectory in FY20 to INR 4,032 crore

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Posted By : Yogender Pancholi on Wed, 27 May 2020
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