JSW’s net profit decreases by half in Q3 FY 2011-12

Friday, 20 January 2012 14:57:06 (GMT+2)

India's largest steelmaker JSW Steel (JSW) has announced its financial results for the third quarter (ended December 31) of the financial year 2011-12. In the given period, JSW's net profit decreased by 56 percent to INR 1.68 billion ($33.3 million) as compared to the corresponding period of the previous year.

While JSW's net sales value rose to INR 78.6 billion ($1.56 billion) in the given quarter, up by 36 percent year on year, its sales volume increased by 20 percent year on year to 1.9 million mt in the given period.

In the third quarter of the financial year, JSW also achieved a crude steel output of 1.93 million mt, up 19 percent year on year. In the quarter in question, JSW also posted 16 percent growth in its flat rolled production and 31 percent growth in its long rolled product output, both compared to the same quarter of the previous year.

According to JSW Steel's statement, it faced an iron ore shortage at its plants due to procedural and logistical delays even after securing iron ore from e-auctions. However, capacity utilization at its Vijayanagar works improved to 84 percent in December.

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