JSW Steel Reports 64% Dip in Net Profit for Q1 FY25

JSW Steel experienced a significant 64% decline in consolidated net profit, dropping to Rs 867 crore in the Q1 of FY25, compared to Rs 2,428 crore last year. The dip is attributed to higher expenses and lower income. Additionally, the company approved transferring an Odisha slurry pipeline project to JSW Infrastructure Ltd.

JSW Steel reported a substantial 64 percent decline in consolidated net profit, amounting to Rs 867 crore for the quarter ending June 30, 2024. This marks a significant drop from Rs 2,428 crore in the same period the previous year, according to the company’s exchange filing.

During the reported quarter, JSW Steel’s total income increased slightly to Rs 43,107 crore, up from Rs 42,544 crore in the corresponding period of the 2023-24 fiscal year. However, the company's expenses surged to Rs 41,715 crore, compared to Rs 39,030 crore a year earlier.

In a separate announcement, JSW Steel’s board has authorized the transfer of a 30 million tonne per annum capacity slurry pipeline project in Odisha to JSW Infrastructure Ltd, a JSW Group entity. The contractual agreements for the transfer, subject to shareholder and regulatory approval, are expected to be signed soon. The transfer is set to bring in Rs 1,700 crore upon completion.