Major Indian steelmaker JSW Steel (JSW) has announced its financial and operational results for the first quarter ended June 30 of the financial year 2017-18, posting a net profit of INR 4.19 billion ($65.85 million), compared to a net profit of INR 10.82 billion in the same quarter of the previous financial year. In the June quarter this year, JSW's net sales increased by 25.6 percent year on year to INR 150.96 billion ($2.37 billion).
During the given quarter, JSW Steel produced 3.91 million mt of crude steel, up one percent, while achieving finished steel sales of 3.51 million mt, rising by five percent, both on year-on-year basis.
According to the company’s statement, in the given period it remained focused on enriching its product mix and its sales of value added and special products grew by 12 percent year on year, primarily due to higher volumes of electrical steel, galvanized and color coated products. Meanwhile, the company’s exports in the first quarter surged by 26 percent year on year, as demand and pricing for steel products in international markets remained buoyant.