JSW Steel's Q2 net profit falls 37% to Rs 1,595 cr on higher tax outgo

Tax expenses of Rs 910 crore hurt the bottom-line even as net sales were up 11.5% year-on-year

Sajjan Jindal-led JSW Steel reported a consolidated net profit of Rs 1,595 crore in the September quarter, down 37 per cent from same period last year as tax expenses ate into the profits despite higher sales.

In Q2FY21, the company’s consolidated net sales stood at Rs 18,662 crore, up 11.5 per cent from same period last year on improved realisations, spurt in sales of coated products along with a favourable geographical and product mix which led to growth in sales volumes.

“As domestic steel demand rebounded from recent lows and gained momentum, the company moderated its exports to 28 per