JSW Steel Q1 consolidated net profit falls over 56% to Rs 1,008 crore

JSW Steel on Friday reported a sharp fall of over 56.90 per cent to Rs 1,008 crore in its consolidated net profit during the first quarter ended June 30, due to rise in expenses.

The Sajjan Jindal-led company had clocked Rs 2,339-crore net profit during the same period a year ago.

In April-June 2019, the company's total expenses rose to Rs 18,164 crore from Rs 17,206 crore in the corresponding quarter of the preceding fiscal, JSW Steel said in a BSE filing.

The company also reported a fall in its total income to 19,953 crore during the quarter, as compared to Rs 20,577 crore in April-June 2018-19.

Part of $14 billion JSW Group, JSW Steel Ltd has significant presence in sectors such as steel, energy, infrastructure, cement, and sports among others.