India’s JSW Limited has reported a consolidated net profit of INR 8.39 billion ($105 million) in the first quarter (April-June) of the fiscal year 2022-23, a decline of 85.8 percent year on year, according to a company statement on Friday, July 22.
The company, however, reported a growth of 31.8 percent in consolidated revenues during the quarter to INR 380.68 billion ($4.5 billion).
The company said the domestic steel industry was impacted by falling global prices and the imposition of 15 percent duty on certain steel exports in May this year further exacerbated the situation with a steep fall of 26 percent in exports.
During the given quarter, high inflation across major economies amid supply chain disruptions and the Russia-Ukraine conflict impacted the global economic outlook. High inflation and policy rate tightening across the world have become formidable headwinds, the company statement said.
The company reported a flat rolled product output during the quarter at 3.03 million mt, up 13 percent, a long product output of 0.87 million mt, up four percent, and semis output of 0.13 million mt, up 27 percent, all year on year. Total output of finished saleable steel was reported at 4.03 million mt, up 12 percent year on year.
