JSW Steel posts lower net profit for December quarter

Friday, 24 January 2020 16:54:15 (GMT+3)   |   Istanbul

Major Indian steelmaker JSW Steel (JSW) has announced its financial and operational results for the third quarter and the first nine months ended on December 31, 2019.

In the third quarter, JSW Steel achieved a net profit of INR 6.91 billion ($96.93 million), down 64 percent compared to the same quarter of the previous financial year. In the same period, despite the 10 percent increase in steel shipments, JSW's net sales declined by 15 percent year on year to INR 157.67 billion ($2.21 billion) amid weaker steel prices both in domestic and export markets. 

For the first nine months ended on December 31, JSW Steel has posted a net profit of INR 50.5 billion ($708.5 million), down by 21 percent year on year, while its net sales decreased by 15.23 percent year on year to INR 472.95 billion ($6.63 billion). 

During the third quarter, JSW’s total steel sales amounted to 4.03 million mt, up 10 percent, including 2.98 million mt of flat steel sales, up 14 percent and 880,000 mt of long steel sales, down two percent, all year on year. In the first nine months of the financial year, the company’s total steel sales decreased by three percent year on year to 12.09 million mt, including 8.22 million mt of flat steel sales and 2.66 million mt of long steel sales, both remaining unchanged compared to the same period of the previous year.

JSW Steel foresees that the Indian steel industry will grow significantly on the back of various initiatives of the government regarding the infrastructure and supportive monetary policies.

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