Billionaire Sajjan Jindal-led JSW Steel on Friday reported a 64 per cent decline in its consolidated net profit to Rs 1,299 crore for the January-March quarter of 2023-24 compared to the corresponding figure of Rs 3,664 crore in the same period last year.
The revenue from operations of the steel major in the fourth quarter declined marginally to Rs 46,269 crore from Rs 46,962 crore in the same period of the previous year, according to a regulatory filing.
On the other hand, expenses increased for the company, to Rs 44,401 crore for the quarter at hand, against Rs 43,170 crore reported in the previous fiscal.
Other sources of income for the quarter exhibited an 18 percent reduction, totaling Rs 451 crore.
JSW Steel noted an increase in expenses attributed to alterations in inventories of both finished and semi-finished goods, work in progress, and stock in trade, amounting to Rs 534 crore compared to Rs 165 crore in the previous year.
The company elaborated that “Exports at 1.32 million tonnes increased significantly QoQ as export opportunity was used to liquidate inventories given restocking demand in global markets. Exports constituted 20 per cent of sales from the Indian operations,” according to the company's statement.
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