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JSW Steel tanks after weak production in April

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Capital Market 

JSW Steel slumped 9.12% to Rs 164.40 after the steel manufacturer reported weak production number for the month of April 2020.

The company's crude steel production declined 59.5% to 5.63 lakh tonnes in April 2020 as against 13.93 lakh tonnes in April 2019. The company said it clocked an average capacity utilisation of 38% for the month.

Production of flat rolled products fell 64% to 3.44 lakh tonnes in April 2020 from 9.53 lakh tonnes in April 2019. Production of long rolled products tanked 73.5% to 0.89 lakh tonnes in April 2020 from 3.36 lakh tonnes in April 2019.

On a consolidated basis, its net profit slumped 87% to Rs 211 crore on a 12.1% drop in net sales to Rs 17,416 crore in Q3 December 2019 over Q3 December 2018.

JSW Steel is a flagship company of the JSW Group, an integrated steel manufacturer in India with an installed steel-making capacity of 18 million tonnes per annum (MTPA)

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, May 04 2020. 10:45 IST