JSW Steel Reports Significant Profit Dip Amid Rising Expenses

JSW Steel reported a 70% drop in net profit for the December quarter, citing rising expenses. The company's revenue dipped slightly, and its capex increased significantly. Steel production and sales showed growth, with some international segments facing challenges. The company continues to expand its infrastructure projects.

JSW Steel announced a dramatic plunge in its net profit for the December quarter, with earnings dwindling by over 70% to Rs 719 crore, primarily due to escalating expenses. This marks a sharp contrast to the Rs 2,450 crore profit from the same period last year.

Despite the downturn, JSW Steel's steel production and sales witnessed growth, with a 2% increase in crude steel output year-on-year, and a 12% rise in sales. The company's revenues saw a minor decline from Rs 42,134 crore to Rs 41,525 crore, while expenses rose significantly.

JSW Steel is actively expanding its projects, including the 30 MTPA slurry pipeline in Odisha. International operations faced mixed results, with certain facilities incurring losses due to lower sales realisation.

(With inputs from agencies.)