India’s JSW Steel Limited has reported a consolidated net profit of INR 23.38 billion ($284.77 million) in the first quarter (April-June) of the fiscal year 2023-24, up 178 percent year on year, a company statement said on Friday.
The company reported a total income during the first quarter of INR 425.440 billion ($5.18 billion) , a decline of 10 percent over the corresponding quarter of the previous fiscal year.
Total standalone crude steel production was recorded at 5.44 million mt, up nine percent over the corresponding quarter of the previous fiscal year, but down three percent over the fourth quarter (January-March) of the fiscal year 2022-23, which the company attributed to the planned maintenance shutdown of some mills during the quarter.
On a consolidated basis, total crude steel production of all mills including subsidiaries, domestic and overseas, was reported at 6.61 million mt during the first quarter, 12 percent higher than the corresponding quarter of the previous fiscal year.
Total consolidated sales during the first quarter of FY 2023-24 was 5.87 million mt, up 27 percent year on year.