Mumbai (Maharashtra) [India], July 22 (ANI): JSW Steel Limited on Friday reported a consolidated net profit of Rs 838 crore for the quarter ended June 30, registering a decline of 86 per cent year-on-year.
The company’s consolidated revenue from operations rose by 31.8 per cent year-on-year to Rs 38,086 crore for the first quarter of the current financial year as compared to Rs 28,902 crore recorded in the corresponding period of the last year.
The company posted a consolidated operating EBITDA of Rs 4,309 crore for the April-June quarter.
“During the first quarter of FY 2022-23, high inflation across major economies on the back of supply chain disruptions and the Russia-Ukraine conflict had impacted the global economic outlook,” JSW Steel Limited said in a statement.
“While India has been relatively resilient with economic activity recovering from the COVID induced slump, high inflation and policy rate tightening across the world have become formidable headwinds,” it said.
JSW Steel Limited noted in the earnings release that the domestic steel industry during the quarter was impacted by falling global prices.
“The imposition of a 15 per cent duty on certain steel exports in May 2022 further exacerbated the situation with a steep fall in exports of 26 per cent QoQ,” it said.
However, JSW Steel expressed hope that ‘the export duty on steel exports is expected to be a temporary measure to contain inflation and may be removed once inflation cools down.” (ANI)
This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.
Source: The Print
