Jindal Steel Q2 Results: Profit slumps 38% to Rs 860 crore on lower volumes, steel prices
The steel-maker’s consolidated net profit for the quarter stood at Rs 860 crore, down from Rs 1,338 crore a year ago. Consolidated gross revenue was 8% lower on year at Rs 13,205 crore.
While the September quarter is seasonally weak for steel producers, Jindal Steel’s sales volume of 1.85 million tonnes during the quarter was down 8% even as compared to the previous year. Sequentially, the sales volume was down more than 11%.
“Indian Steel prices have corrected during Q2FY25 due to seasonal effect which was further impacted by slowdown in China, but have picked up since Oct’24,” the company said in its investor presentation.
While the apparent consumption of steel at an industry-wide level grew 4% in the September quarter as compared to the June quarter, production of steel was down 1% sequentially at 36.2 million tonnes. Imports during the quarter surged 44%, while exports from India were down 15% in the quarter, the company said.
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