JSW Steel net slumps 84% on lower sales realisation

JSW Steel on Friday reported an 84.1 per cent year-on-year (Y-o-Y) decline in consolidated net profit to ₹439 crore for the July-September quarter (Q2FY25) on lower sales realisation due to cheap imports and an exceptional charge.

- ISHITA AYAN DUTT

In the year-ago period, the flagship company of the Sajjan Jindal group had reported a net profit of ₹2,760 crore.

Revenue from operations on a consolidated basis in Q2FY25 stood at ₹39,684 crore, down 11 per cent Y-o-Y from ₹44,584 crore a year ago.

Both revenue and net profit were lower than the Bloomberg consensus estimate. The estimate for revenue was ₹42,559.6 crore and profit ₹485.1 crore.

Sequentially, revenue was down by 7.6 per cent and net profit by 48 per cent.

Steel sales for the quarter stood at 6.13 million tonnes (mt), lower by 3 per cent Y-o-Y.

However, domestic sales at 5.57 mt were the highest in any quarter, up 1 per cent Y-o-Y on the back of the institutional segment; sales volumes to the institutional segment increased by 12 per cent Y-o-Y.