JSW Steel Q3 Results: Profit slumps 70% to Rs 719 crore on weak prices of steel
JSW Steel Ltd’s profit slumped 70% on year to Rs 719 crore in the December quarter as weak prices of steel weighed on earnings, even as the steel-maker’s production was at an all-time high during the quarter.
The bottomline was also impacted by an exceptional loss of Rs 103 crore.
The flagship company of the JSW Group is the largest producer of steel in the country and produced 7.03 million tonne of steel during the quarter at a consolidated level, up 3.8% on year. Sales for the quarter stood at 6.71 million tonne, up 12% on year.
In India, the consumption of steel grew 6.8% on year to 38.46 million tonne, down from the 13.6% growth seen in the April-September period. The imports of steel in the same period remained elevated, even though it was down nearly 11% on quarter to 2.83 million tonne.
“A recovery in government capex is expected to aid growth in Q4, culminating in approx. 10% growth for the fiscal year,” the company said in a statement.
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