JSW Steel's net profit for the March 2024 quarter fell 65% to Rs 1,322 crore, impacted by higher raw material costs and other expenses. Total income also declined.
Photograph: Kind courtesy JSW Steel
New Delhi, May 17 (PTI) JSW Steel has posted a 65 per cent fall in consolidated net profit at Rs 1,322 crore for the March 2024 quarter impacted by raw materials costs and some other expenses.
It had clocked Rs 3,741 crore net profit during the fourth quarter of the last fiscal, the company said in an exchange filing on Friday.
The company's total income also fell to Rs 46,511.28 crore from Rs 47,427 crore in January-March FY23.
During the period under review, its expenses stood at Rs 44,401 crore, as against Rs 43,170 crore a year ago.
Among the expenses, the cost of raw materials consumed by the company surged to Rs 24,541 crore from 23,905 crore in the January-March FY23. While "other expenses" increased to Rs 7,197 crore from Rs 6,653 crore in the year-ago period.
In FY24, the net profit rose to Rs 8,973 crore from Rs 4139 crore in FY23. The income for the full year stood at Rs 1,76,010 crore, up from Rs 1,66,990 crore.
The board of directors of the company announced a final dividend of Rs 7.30 for FY24.
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