JSW Steel April-June net profit falls to Rs 839 crore, revenue up 32%

the revenue decreased 18.8 percent from the net revenue of Rs 46,895 crore listed in the last quarter, which was also the record revenue generation by the firm in any quarter.

India’s largest steel producer, JSW Steel Ltd, on Friday announced a 85.8% reduction in its consolidated net profit to ₹838 crore for the April-June quarter (Q1FY23). The firm had reported ₹5,904 crore net profit in the year-ago quarter (Q1FY22).

Consolidated revenue rose upto 31.8 percent year-on-year to Rs 38,086 crore as against to a net revenue of Rs 28,902 crore. The Indian steel industry’s income from operations increase up to 32% to ₹38,086 crore for the quarter under review as compared to ₹28,902 crore in the samw quarter of last year.

On a reported basis, the revenue decreased 18.8 percent from the net revenue of Rs 46,895 crore listed in the last quarter, which was also the record revenue generation by the firm in any quarter.

“During the reported quarter, high inflation across major economies on the back of supply chain disruptions and the Russia-Ukraine conflict had impacted the global economic outlook”, the company announced in its income release. “High inflation and policy rate tightening across the world have become formidable headwinds”.

The company also affirmed the domestic steel industry was affected by falling global prices and the practice of a 15 percent duty on certain steel exports in May 2022 further worsened the situation with a straight fall in exports of 26 percent QoQ.