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JSW Steel sees wider than expected Q2 loss at 915 cr on price slump

Brokerages said that JSW Steel will post a 90% decline in consolidated PAT to about  ₹700 crore in the September quarter.Premium
Brokerages said that JSW Steel will post a 90% decline in consolidated PAT to about 700 crore in the September quarter.

  • JSW Steel Q2 results: The steelmaker's performance during the September quarter was significantly impacted by a sharp fall in steel prices, inventory losses and mark-to-market losses amid currency fluctuations

Sajjan Jindal-led JSW Steel on Friday reported a 87% year-on-year decline in consolidated net profit after tax at 915 crore for the quarter ended September, 2022, mainly due to a sharp fall in steel prices. It was 7,179 crore in the year-ago period.

Brokerages said that JSW Steel, one of the major steel producers of the country, will post a 90% decline in consolidated profit after tax to about 700 crore in the quarter ended September.

The steelmaker reported a 28% on-year jump in consolidated total revenue from operations to 41,778 crore, as against 32,503 crore in the same quarter last year.

Net sales of the company stood at 41,122 crore in the September quarter, up 29% from corresponding period last year, which was 31,909 crore.

Total expenses climbed 78.7% to 43,354 crore, compared to 24,261 crore earlier.

The consolidated crude steel output fell 3% sequentially to 5.68 million tonnes, mainly due to extended maintenance shutdowns and subdued demand in the US.

The steelmaker's performance during the quarter was significantly impacted by a sharp fall in steel prices, inventory losses and mark-to-market losses amid currency fluctuations.

"Despite a challenging global economic scenario, we expect healthy steel demand growth in India during H2 FY23, which along with the flow through lower raw material prices, should aid the company's performance in the coming quarters," JSW Steel said in a regulatory filing.

Shares of the company closed 1.31% lower at 620.25 apiece on the Bombay Stock Exchange (BSE) today.

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Meghna Sen

Meghna Sen is a deputy chief content producer at Livemint where she tracks companies, markets, news. She has 5+ years of experience with online and print publications. Email: meghna.sen@htdigital.in
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