JSW Steel net dips 19%
30 Jan 2013 5:09 AM IST
Hit by rupee volatility and costlier raw materials, JSW Steel’s net profit declined by 19 per cent to Rs 137 crore in the October-December quarter.
The dip is notwithstanding higher sales and revenue over the same quarter last fiscal, in which the company had reported a net profit of Rs 168 crore, JSW Steel said in a statement on Monday. Buoyed by 14 per cent rise in steel sales to 2.17 mt, net sales increased by five per cent to Rs 8,275 crore during the October-December quarter, over Rs 7,860 crore in the same period last year, it said. The company faced short supply of iron ore, high alumina & manganese costs, and ‘unreasonable prices for iron ore in E-auctions’ during the quarter, the Sajjan-Jindal led steel maker said. ‘Due to four per cent depreciation in the value of rupee against US dollar during Q3 FY13, the loss of Rs 267 crore on restatement of foreign currency monetary items at close of the quarter has been provided,’ the company said.
The dip is notwithstanding higher sales and revenue over the same quarter last fiscal, in which the company had reported a net profit of Rs 168 crore, JSW Steel said in a statement on Monday. Buoyed by 14 per cent rise in steel sales to 2.17 mt, net sales increased by five per cent to Rs 8,275 crore during the October-December quarter, over Rs 7,860 crore in the same period last year, it said. The company faced short supply of iron ore, high alumina & manganese costs, and ‘unreasonable prices for iron ore in E-auctions’ during the quarter, the Sajjan-Jindal led steel maker said. ‘Due to four per cent depreciation in the value of rupee against US dollar during Q3 FY13, the loss of Rs 267 crore on restatement of foreign currency monetary items at close of the quarter has been provided,’ the company said.
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