Jindal Steel reported a 67.9% drop in overall net profit to ₹518.67 crore for the December 2022 quarter on Tuesday. This compares to a net profit of ₹1616.67 crore the previous year.
Consolidated revenue from operations fell 0.57 percent to ₹12,452.44 crore from ₹12524.86 crore in the previous fiscal quarter.
Jindal Steel and Power recorded 2.06 Mt of output during the quarter, which was 13% higher than the previous quarter. Sales totaled 1.90 Mt, a 6% decrease year on year.
Exports accounted for 5% of sales volume in the December quarter, down from 11% in the September quarter, as a’result of weak worldwide demand and the prolongation of export tax till November 19th,’ according to the company’s regulatory filing.
Pellet production was 1.96 Mt, up 9% year on year.
“India’s Crude steel production stood at 29.1 Mt (up 2% QoQ) and domestic consumption stood at 29.5 Mt (up 8% QoQ) driven by consumption in construction and infrastructure space. Flat steel prices trended down at the beginning of the quarter as global HRC prices corrected. Long steel prices also trended down. Much awaited pick up in construction demand started towards the end of the quarter leading to improvement in steel prices. On the raw material front, prices increased for both iron ore and coking coal on resumption of demand globally. In the domestic market also, iron ore prices remained firm,” said Jindal Steel in its regulatory filing.
On the BSE, the firm stock was up 1.91 percent at ₹584.95.