India’s JSW Steel Limited sees 64% decline in net profit in Q4 FY 2023-24

Friday, 17 May 2024 15:13:45 (GMT+3)   |   Kolkata
       

India’s JSW Steel Limited has reported a consolidated net profit of INR 12.99 billion ($155.60 million) for the fourth quarter (January-March) of the fiscal year 2023-24, a decline of 64 percent year on year, according to a company statement on Friday, May 17.

The company has reported total revenues from operations at INR 462.69 million ($5.54 million) in the given quarter, a marginal decline of 1.4 percent year on year.

Exports at 1.32 million mt increased significantly during the quarter and provided an opportunity to liquidate inventories given restocking demand in global markets and exports constituted 20 percent of sales from the Indian operations., the company said in the statement.

The operating profit fell by 15 percent quarter on quarter, driven by lower sales realisations and higher coking coal costs, it said.


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