JSW Ispat Special Products' crude steel production slumped 77% to 0.03 million tonnes (MT) in Q2 FY23 as compared to 0.13 MT reported in Q2 FY22.
Sequentially, the company's crude steel production tumbled 73% as against 0.11 MT produced in Q1 FY23.
On half yearly basis, the firm reported 50% decline in crude steel production to 0.13 MT in H1 FY23 as against 0.27 MT posted in H1 FY22.
The crude steel production was lower sequentially due to preponement of certain scheduled shutdowns during the financial year 2022-23, the company stated.
JSW lspat Special Products, formerly known as Monnet Ispat (MIL) was incorporated on 1st February 1990. The company was promoted jointly by Sandeep Jajodia and Jindal Strips, its principal activities are to manufacture and market Sponge Iron, Steel and Ferro Alloys. In addition, MIEL is engaged in mining of coal and power generation for captive consumption.
The company reported a consolidated net loss of Rs 92.37 crore in Q1 FY23 as agianst a consolidtad net profit of Rs 63.32 crore in Q1 FY22. Net sales jumped 14.1% year on year to Rs 1,654.38 crore in Q1 FY23.
Shares of JSW lspat Special Products were down 0.87% to Rs 28.40 on the BSE.
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