India’s JSW Limited reported its highest ever quarterly net profit of INR 59 billion ($797 million) during April-June quarter of fiscal 2021-22, according to a statement of the company on Tuesday, July 27.
The company had reported a net loss of INR 5.82 billion ($79 million) during corresponding quarter of previous fiscal.
The highest ever quarterly net profit during April-June of 2021-22 came riding on highest ever total revenues at INR 289 billion ($3.9 billion), compared to total revenue earnings of INR 117.82 billion ($1.59 billion) in corresponding quarter of previous fiscal.
JSW Steel reported crude steel production of 4.10 million mt, with average capacity utilisation of 91 percent for the quarter, a marginal decline of two percent over the last quarter (January-March) of fiscal 2020-21, due to diversion of liquid oxygen for medical purposes during the second wave of Covid-19.
Saleable steel sales for the quarter stood at 3.47 million mt from its Indian operations and increased exports by 14 percent quarter-on-quarter to partially offset the fall in domestic demand due to second wave of the pandemic, the company said.
On a sequential basis, too, the company reported sharp rise in earnings growth, indicating that the impact of the second wave on operations was minimal during the quarter April-June 2021-22.
JSW Steel’s consolidated total revenue from operations grew 7.3 percent quarter-on-quarter, while its consolidated net profit climbed 41 percent.
$1= INR 74