On October 21, India's largest steelmaker JSW Steel (JSW) announced its financial results for the second quarter (ended September 30) of the financial year 2011-12. In the given period, JSW's net profit decreased by 71.5 percent to INR 1.27 billion ($25.35 million) as compared to the previous quarter.
While JSW's net sales value rose to INR 82.42 billion ($1.64 billion) in the given quarter, up by 33 percent year on year, its sales volume increased by 19 percent year on year to 1.88 million mt in the given period.
In the second quarter of the financial year, JSW also achieved a crude steel output of 1.73 million mt, up 11 percent year on year. In the quarter in question, JSW also posted 21 percent growth in its flat rolled production and 20 percent growth in its long rolled product output, both compared to the same quarter of the previous year.
JSW Steel also stated that in September it launched commercial production from its No. 4 blast furnace as a part of 3.2 million mt per year expansion project at its Vijayanagar works.