The steel manufacturer in July-September period Rs. 404 crore as against a consolidated net profit of Rs. 2,773 crores. Income from operations fell over 11% year-on-year to Rs. 39,684 crores.
“Elevated steel exports from China of 84mt (21% YoY) between January and September have reduced global steel prices and margins,” the company said in a release.
India imported 3.18 million tonnes of steel in the September quarter, up 42% from a year earlier, while its exports fell by nearly a third to 1.27 million tonnes. This has made the country a net importer of steel, with net imports of 1.91 million tonnes of steel in the September quarter and 2.62 million tonnes in the first half of the current fiscal, the company said.
At the consolidated level, the company sold 6.13 million tonnes of steel during the quarter, down 3% from the previous year and flat sequentially. Domestic market sales of 5.57 million tonnes, however, the company said, were the “highest in any quarter”.
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At the industrial level, steel production in India rose by around 3%, while consumption increased by around 12% during the quarter. “We expect this strong demand momentum to continue, with steel demand likely to grow by around 10%-11% in FY25,” JSW Steel said.
The company has guided for production of 28.40 million tonnes and sales of 27.00 million tonnes on a consolidated basis in the current financial year.
In the September quarter, it made Rs. 5,437 crore in operating profit, while the operating margin was 13.7%. During the quarter related to provision for Jajung iron ore mine in Odisha Rs. 342 crores was an extraordinary loss.
By the end of September, the flagship company of the JSW Group had a Rs. 85,098 crore in net debt, which at the end of June was Rs. 80,199 crores. Its net debt-to-operating profit ratio stood at 3.51 times at the end of September compared to 3 times in June.
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