India’s largest steel producer, JSW Steel reported its highest ever quarterly revenues in its earnings announcement on Friday. The steel giant’s revenues from operations rose 51% YoY to INR 269.3bn ($3.7bn) for Q4 ended March, and were up 9% YoY for FY21 at INR 798.4bn ($11bn). Its operating EBITDA for the quarter was higher by 184% YoY at INR 84.4bn ($1.16bn) and up 70% YoY for the full year at INR 201.4bn ($2.76bn). The net profit after tax for the quarter jumped to INR 41.9bn ($570mn) from INR 1.88bn ($26mn) YoY and for the year jumped to INR 78.7bn ($1.1bn) from INR 39.2bn ($540mn). Net debt to equity stood at 1.14x and its net debt to EBITDA 2.61x. The company announced a dividend of INR 6.50/share. The company posted a 10% increase in the total saleable steel sales at 4.06mn tonnes in Q4; however, the sales were down 1% for FY2021 YoY. The strong performance can be attributed to the improved domestic demand supplemented by exports and higher steel prices. The company also said that its expansion in Vijaynagra was approved by the board and that it had acquired a 40% stake in BPSL in March 2021, which had helped increase its presence in Eastern India.