[ad_1]
NEW DELHI: Sajjan Jindal-led JSW Steel on Friday reported a 25% year-on-year (YoY) rise in its crude steel output to 17.76 lakh tone in October. Production of flat rolled products rose to 13.61 lakh tonnes, up by 30% from 10.45 lakh tonne a year ago.
Output for long rolled products rose 11% on year to 3.70 lakh tonne. Capacity utilisation improved to 93% last month from 89% in September 2022.
In its quarterly report ,the company said that sales went up to ₹41,778 crore, but it reported a loss of ₹859 crore in this quarter.
JSW’s performance during the September ended quarter was significantly impacted by a sharp fall in steel prices, while benefits of lower raw material prices will flow through with a lag, the company said.
One-off items such as net realizable value (NRV) provisions and inventory losses, mark-to-market unrealized loss on outstanding foreign currency loans and duty on exports also impacted the operating performance.
Shares of the company closed 2.53% higher at ₹718.85 apiece on the BSE today.
JSW Steel is the largest steel manufacturer in terms of capacity and one of the lowest cost steel producers in the world. It is the flagship business of the $22-billion diversified JSW Group, which has its presence in sectors such as energy, infrastructure, cement, paints, sports and venture capital.
Download The Mint News App to get Daily Market Updates & Live Business News.
[ad_2]
Source link
John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
