India’s JSW Steel Limited has reported a consolidated net profit of INR 8.45 billion ($101.07 million) in the first quarter (April-June) of the fiscal year 2024-25, a decline of 63.9 percent from the corresponding quarter of the previous fiscal year, according to a company statement on Monday, July 22.
The company achieved a consolidated total revenue of INR 429.43 billion ($5.13 billion) for the quarter in question, a marginal rise of 1.7 percent year on year.
The company said that its realisations during the quarter were impacted by low-cost imports and large volumes coming into the country from India and free trade agreement (FTA) countries like South Korea and Japan, posing stiff challenges to domestic steel producers.
JSW Steel’s exports during the quarter were 29 percent lower year on year and accounted for only 10 percent of total sales by its Indian mills.