The company attributed the performance to a reduction in the steel spread, as the decline in sales realization was only partly compensated by the reduction in coal and domestic iron ore prices
Sajjan Jindal-led JSW Steel on Friday reported a consolidated net loss of Rs 848 crore in the September quarter of the financial year on the back of a steep correction in steel prices. The firm had reported a net profit of Rs 7,170 crore in the corresponding period of the last fiscal year.
Led by an increase in volumes, the firm saw net sales increase by 28.9 per cent at Rs 41,122 crore. Sales stood at Rs 31,909 crore in the same quarter last year.
The results missed estimates as Bloomberg had pegged net income at Rs 298 crore.
First Published: Oct 21 2022 | 7:21 PM IST