India’s JSW Steel Limited has reported a consolidated net loss of INR 9.15 billion ($111.97 million) in the second quarter (July-September) of the fiscal year 2022-23, a company statement said on Friday, October 21. The company had posted a net consolidate profit of INR 71.70 billion ($871 million) in the corresponding quarter of the previous fiscal.
Consolidated net revenue for the second quarter was, however, up 28.5 percent year on year to INR 417.78 billion ($5.076 billion), the company statement said.
The company’s performance was significantly impacted by the sharp fall in steel prices, inventory losses, and mark-to-market losses amid currency fluctuations, the statement said.
“Despite a challenging global economic scenario, we expect healthy steel demand growth in India during the second half of 2022-23, which, along with the flow through lower raw material prices, should aid the company’s performance in the coming quarters,” the statement said.
Total steel sales achieved by the company during the second quarter of the current fiscal year were reported at 5.01 million mt, up 32 percent year on year. Flat rolled product sales came to 3.60 million mt, up 37 percent, long product sales amounted to 1.18 million mt, up 24 percent, and semis sales totaled 230,000 mt, up five percent, all year on year.
