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Kurla Complex Bandra 3rd July 2019 To, 1. National Stock Exchange of India 2. BSE Limited Ltd. Corporate Relationship Dept. Exchange Plaza Phiroze Jeejeebhoy Towers Plot No. C/1, G Block Dalal Street, Mumbai – 400 001. Bandra – Kurla Complex Fax No. 2272 2037/2039/ 2041/ 20 61 Bandra (E), Mumbai – 400 051 Email:[email protected] Fax No.: 2659 8237-38 Ref: Company Code No.500228. Email: [email protected] Kind Attn: Mr. S. Subramanian, DCS Kind Attn.: Mr. Hari K, President (CRD). (Listing) Sub: Annual Report Dear Sirs, Pursuant to Regulation 34 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith Annual Report of the Company for the FY 2018-19. This is for the information of your members and all concerned. Thanking you, Yours faithfully, For JSW STEEL LIMITED Lancy Varghese Company Secretary Annual Report 2018-19 2018-19 A Vision to Execute Better. Everyday. Annual Report Shri O. P. Jindal August 7, 1930 to March 31, 2005 Visionary and Founder - O. P. Jindal Group GREAT LEADERS INSPIRE COUNTLESS LIVES, LEAVE EVERLASTING MEMORIES, TO FOREVER GUIDE DESTINIES Way back in 1952, an age before the phrase entered public discourse Shri O. P. Jindal heralded ‘Make in India’ with a small scale manufacturing unit in his home town of Hisar in Haryana. In its ground-breaking wake came a pipe manufacturing company, the Jindal Group and an industrial folklore built with steel and power. For more than five decades, as young India, born from colonial subjugation to democratic freedom built itself into a modern state, Shri O. P. Jindal epitomised enterprise, nationalism, innovation and social service. He sired and took his eponymous business organisation to stellar heights, strengthening at every step his commitment to social work and nation building. On this day countless individuals in the Jindal family and beyond salute his spirit, which will forever guide our destiny. JSW Steel at a glance The flagship company of the $14 billion JSW Group, JSW Steel is a leading Indian integrated steel manufacturer. The Company has a current steelmaking capacity of 18 MTPA, installed across its Indian and international units and is one of the most cost-efficient producers of steel in India. It has a large-scale presence in both international and domestic markets, with its steel retailed in over 9,500 outlets in India and exported to over a hundred countries worldwide. JSW Steel has initiated a strategic capex plan of `48,715 crores through to FY 2021-22 towards augmenting the installed capacity to 24 MTPA, reducing costs and improving the sales mix. With a vision to be ‘Better Everyday’, JSW Steel is on a continuous improvement journey, aimed at creating consistent and superior stakeholder value. A vision to execute better. Everyday. At JSW Steel, we believe better execution is the key to excellence. In this Report From our everyday operations to our strategic expansion projects, our differentiator has always been better execution, backed by a strong Corporate Overview vision. Be it operating at industry-leading efficiencies or expanding at 02 Message from the the least per-tonne cost, our will to undertake challenges, plan with Chairman & Managing Director conviction and execute with passion have sustained and improved over 04 Value creation highlights the years. 05 Corporate Information In line with our Group philosophy of ‘Better Everyday’, we continue to Statutory Reports deliver on our responsibilities with utmost prudence, across parameters. 06 Directors’ Report This year, we have yet again surpassed our previous records and have 63 MDA registered our best-ever performance. 95 Report on Corporate Governance Financial Statements Standalone 129 Independent Auditor’s Report FY 2018-19: A year of record performance 140 Balance Sheet 141 Statement of Profit & Loss • Included in the Nifty50 Index 142 Statement of Changes • Vijayanagar Works received the world’s most coveted award for quality in Equity – The Deming Prize 143 Cash Flow Statements 144 Notes to Abridged Financial MnT MnT Statements 16.69 15.60 Consolidated Crude steel production Saleable steel sales 215 Independent Auditor’s Report 3% y-o-y growth 1% y-o-y growth 226 Consolidated Balance Sheet 227 Consolidated Statement crores crores of Profit & Loss 228 Consolidated Statement , , of Changes in Equity H84757 H18 952 229 Consolidated Revenue from operations Operating EBITDA Cash Flow Statements 16% y-o-y growth 28% y-o-y growth 231 Notes to Consolidated Financial Statements crores 315 AOC 319 Financial Highlights (Standalone) H7,524 H31.60 320 Financial Highlights (Consolidated) Net profit Diluted earnings per share 23% y-o-y growth 23% y-o-y growth MESSAGE FROM THE CHAIRMAN & MANAGING DIRECTOR Ready to ride high with India Dear Shareholders, It gives me great pleasure to report yet another remarkable year at your Company - one that validates our actions towards a 'Better Everyday' and our contribution to the story of 'New India' that’s taking gigantic strides on to the world stage. Scaling new peaks was a clear validation of our growing by 2024, and to bring that target scale and influence, not just in terms within the realm of reality, the FY 2018-19 was indeed a year of two of market capitalisation, but also in government is likely to spend heavily halves for India – with very strong terms of our ability to consistently on developing social as well as business environment in the first half, create value for our stakeholders. JSW economic infrastructure. and a challenging second half after the Steel was also recognised as one of onset of certain strains in the overall “Steel Sustainability Champions” 2018 The ongoing affordable housing financial system. Regardless of this, by World Steel Association. scheme, dedicated freight and we continued to increase our domestic industrial corridors, ‘Make in India’ market share in FY 2018-19. initiatives and the newly launched We delivered strong profitable Favourable domestic business project to provide piped water performance on higher steel spreads in environment at every home have significant the first half, focussed cost reduction After a two-year strong steel cycle, an potential to propel urban as well as and favourable change in our portfolio increase in supply coupled with trade rural steel demand. Next-generation mix towards value-added steel actions led to a fall in steel prices infrastructure, gas grids, water products (VASP). globally towards the end of Q3 of grids, highways, etc. could witness We recorded the highest ever FY 2018-19. Further, a series of significant investment boost. production, shipments, revenue counter-trade actions by various and EBITDA during FY 2018-19. Our countries following the imposition The Indian economy is likely to grow capacity utilisation was at its highest of Section 232 by the USA led to at around 7% over the next decade. at 93%, driven by improved utilisation diversion of steel exports into As GDP growth and steel consumption levels in the Vijayanagar and Salem India by steel surplus countries like growth have displayed a strong plants, which led to a 3% increase Japan, South Korea and China. This correlation in recent past, steel in production volumes. Our EBITDA, combination of lower international demand is likely to grow at around which reflects strength of underlying steel prices and increasing imports 6-7%, which implies that the country improving operational excellence weighed on domestic steel would need to produce an additional stood at `18,952 crores. Our Balance prices as well. 7 million tonnes of steel every year Sheet is strong with cash and cash with consumption expected to equivalents of `6,269 crores as of That said, with the general election cross the 100 million tonnes milestone March 31, 2019. The Board of Directors overhang now behind us and given in 2019. has recommended a dividend of `4.10/ the strong mandate, the central per share for the year. government is likely to push Well positioned to capitalise on through key structural reforms and This year, our Vijayanagar plant opportunities infrastructure development projects received the world’s most coveted at full throttle, at least for the In line with the Indian Government’s recognition for quality, the Deming foreseeable future. vision of Indian Steel capacity Prize, for outstanding practices in increasing to 300 million tonnes by managing continuous improvements India is home to 1.3 billion people, has 2031, from 140 million tonnes currently, across all functions. Deming Prize favourable demographics with 65% JSW Steel’s Vision is to increase our is like a Gold medal for a large of the population below 35 years age. domestic capacity in India to 45 million scale manufacturing enterprise India is modernising, urbanising and tonnes – and have a global capacity and is testimony to our operational managing the rising aspirations of footprint of 10 million tonnes over the A VISION TO EXECUTE BETTER. EVERYDAY. A VISION TO excellence. The inclusion of JSW Steel a large population, this is a unique same time period. in the National Stock Exchange’s (NSE) opportunity in itself and the scale is benchmark index of India’s top 50 unprecedented. India has set a target We are in the midst of a large organic companies, Nifty50, in September 2018 of becoming a $5 trillion economy growth programme involving a 2 JSW STEEL LIMITED STEEL JSW spend of about `48,700 crores over safety. The digital tools deployed at lost ecological balance, and have ANNUAL REPORT 2018-19 REPORT ANNUAL FY 2018-2022 to expand capacity Dolvi Works are facilitating enhanced facilitated the sustenance and (from 18 MTPA to 24 MTPA; modernise tracking and predictability of the livelihood of the local community. and expand downstream capacities), schedule of our ongoing expansion achieve backward and forward project, which will drive on-time As a large steelmaker, we depend integration and cost reduction.
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