India’s Jindal Steel and Power Limited (JSPL) has reported a consolidated net profit of INR 2.19 billion ($26.80 million) in the second quarter (April-September) of the fiscal year 2022-23, a decline of 91.51 percent year on year, a company statement said on Friday, November 11.
JSPL’s revenues from its operations were reported at INR 135.2 billion ($1.65 billion) in the given period, a marginal decline of one percent year on year.
The company said that export volumes during the second quarter fell 11 percent as a consequence of the 15 percent export tax imposed in May.
While domestic demand for steel improved during the quarter, the benefits were offset partially by falling export volumes, the company said.
“In terms of pricing, both longs and flats showed significant price erosion during the quarter. On the raw material front, recessionary concerns and the lower demand forecast impacted commodity prices globally. However, the benefit of the low raw material prices was not fully reflected in the reported quarter,” the company statement said.
$1 = INR 81.80