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Jindal Steel on Tuesday reported 67.9 per cent decline in consolidated net profit to ₹518.67 crore for the December 2022 quarter. This is against a net profit of ₹1616.67 crore in the year ago period.
The consolidated revenue from operations declined by 0.57 per cent to ₹12,452.44 crore as against ₹12524.86 crore in the corresponding quarter last fiscal.
Jindal steel and Power reported production of 2.06 Mt during the quarter, which was 13% higher sequentially. The sales came in at 1.90 Mt, down 6 per cent QoQ.
Exports accounted for 5% of sales volume in December quarter as compared 11% in September quarter as a ‘consequence of weak global demand and continuation of export duty till 19th Nov’22,’ said the company in its regulatory filing.
Pellet production stood at 1.96 Mt up by 9% QoQ.
“India’s Crude steel production stood at 29.1 Mt (up 2% QoQ) and domestic consumption stood at 29.5 Mt (up 8% QoQ) driven by consumption in construction and infrastructure space. Flat steel prices trended down at the beginning of the quarter as global HRC prices corrected. Long steel prices also trended down. Much awaited pick up in construction demand started towards the end of the quarter leading to improvement in steel prices. On the raw material front, prices increased for both iron ore and coking coal on resumption of demand globally. In the domestic market also, iron ore prices remained firm,” said Jindal Steel in its regulatory filing.,
The company scrip was up by 1.91 per cent at ₹584.95 on BSE.