JSW Steel reported a sharp decline in its consolidated net profit for the December quarter, falling to Rs 474 crore ($64 million) from Rs 4,516 crore in the year-ago period.
The decrease in profit was due to higher expenses, which were at Rs 38,288 crore compared to Rs 31,986 crore in the previous year. The company’s total income did increase, rising to Rs 39,322 crore from Rs 38,225 crore a year ago.
In a separate statement, JSW Steel said its crude steel production was at 6.14 million tonnes during the December quarter, and it sold 5.63 million tonnes of finished steel in the third quarter.
The company’s subsidiary JSW Steel Coated Products registered a production volume of 0.73 million tonnes and a sales volume of 0.84 million tonnes, but reported a loss of Rs 162 crore for the quarter.