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JSW Steel reported a 10-per cent dip in the December quarter net profit at ₹1,603 crore against the ₹1,774-crore logged in the same period last year, largely due to a sharp fall in exports and weak demand in the domestic market.
Revenue was up 11 per cent at ₹19,821 crore (₹17,949 crore) even as sales were down 7 per cent at 3.68 million tonnes (mt). The company expects to fall short of its annual sales guidance of 16 mt even while meeting the production target of 16.5 mt.
Seshagiri Rao, Joint Managing Director, said steel imports into the country during December quarter were up 7.3 per cent, while exports fell 40 per cent leading to an inventory pile-up.
Exports account for 10 per cent of overall JSW Steel sales. As of December-end, the company’s net debt was at ₹46,000 crore.
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