JSW Steel Sept quarter net profit surges four-fold to `7,179 crore

New Delhi: JSW Steel on Thursday posted an over four-fold jump in its consolidated net profit to Rs 7,179 crore for the second quarter ended September 30, mainly driven by higher income. In a BSE filing, the company said it had reported Rs 1,595 crore net profit in Q2 FY21. Its total income in the quarter under review soared to Rs 33,449 crore from Rs 19,416 crore in the year-ago period.

The company's expenses stood at Rs 24,261 crore against Rs 16,958 crore a year ago. In a statement, JSW Steel said it has produced 4.10 million tonnes of crude steel during the quarter compared to 3.85 MT a year ago, registering a rise of 6 per cent.

The sales were 8 per cent down at 3.79 MT as against 4.12 MT in the year-ago period. It was affected by some inventory build-up due to the start of the company's new downstream facilities and an increase in inventories at the ports. JSW Steel further said its subsidiary company JSW Steel Coated Products registered a production of 0.75 MT and a sales volume of 0.82 MT in Q2 FY22.