Q1 Results: JSW Steel Net Profit Declines 86% To Rs 838 Cr
JSW Steel on Friday released its financial results for the quarter ended June 30, 2022 and reported a consolidated net profit of Rs 838 crore, incorporating the numbers for all its subsidiaries, joint ventures and associates.
The profit figures were a massive 85.80 per cent lower than the figures reported in the same quarter last year. The company had clocked Rs 5,904 crore net profit in the year-ago quarter.
Its revenue, however, saw a 30.89 per cent year-on-year rise at Rs 37,500 crore compared to Rs 28,432 crore in the same quarter last year.
Ebitda margin for the quarter came in at 11.31 per cent. The company said its margin fell for the quarter due to lower volume of sales and one-off items such as forex loan translation losses.
In its audit report, JSW Steel said that during the first quarter of FY23, high inflation across major economies on the back of supply chain disruptions and the Russia-Ukraine conflict has impacted the global economic outlook. 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.
On Friday, JSW Steel shares closed at Rs 582.35 apiece down by Rs5.85 or 0.99% on the BSE. Its market cap is around Rs 1,40,766.83 crore.
