Results for JSW Steel's Q1 show that the company's net profit fell by 86% year over year to Rs. 838 crore.
In the preview quarter, operating revenue climbed 31.7% to Rs 38,086 crore from Rs 28,9002 in the comparable time last year.
Compared to the equivalent quarter of the previous fiscal year, the Indian steel industry's revenue from operations increased by 32 percent to 38,086 crore for the quarter under review.
Due to the negative effects of declining worldwide pricing and the imposition of a 15% levy on steel exports, JSW Steel's consolidated net profit for the quarter ending June 30, 2022 fell as high as 85.8% year over year to Rs 838 crore.
The company's use of steel in India in Q1FY23 was 27.36 million tonnes, a 5.6 percent decrease from the previous quarter.Exports decreased by 26% to 2.88 million tonnes as a result of reduced international demand and the application of export duties.
The revenue from operations for the Indian steel sector increased by 32 percent to 38,086 crore for the quarter under review from 28.902 crore in the equivalent quarter of the previous fiscal.
The Russia-Ukraine conflict and rising inflation in several major economies during the quarter had an impact on the forecast for the world economy.
On July 22, 2022, JSW Steel shares on the BSE closed 0.99 percent lower at Rs 582.35 a share.The company produced 5.77 million tons of crude steel in the three months ending in June.
Sales of saleable steel were 4.49 million tonnes, down 25% sequentially, as a result of a steep decline in exports brought on by the imposition of an export charge.
CheckBest Upcoming IPOs 2022
Best Upcoming IPO in July 2022: Simply monitor the Best Upcoming IPOs in July 2022 to keep an eye on the major market activity and company initiatives