April 19, 2024 06:27 (IST)
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JSW Steel post net loss due to impairment charges and decline in sales
Mumbai, Jan 29 (IBNS): JSW Steel, a part of the diversified $11 billion JSW Group, reported its results for the third quarter of financial year 2016 (Q3FY16) and the nine month ended Dec 31, 2015, on Friday, where it posted a net loss of Rs 923 crore compared to a profit of Rs 328 crore in the corresponding period in the previous year, mainly due to impairment charges and decline in sales.
The company posted net sales of Rs 8,621 crore in the reported quarter, down 33% from same period in the previous year due to lower realisations and also a 16% decline in sales volume on account of planned shut-down at three of the company's seven blast furnaces.
Revenue from exports dropped to 12% in the reported quarter, down from 29% in the year-ago quarter.
In its press release, the company said that the blast furnace at Vijayanagar, which underwent a planned shut-down for relining and modification from August 2015 onwards, is expected to get commissioned in the fourth quarter. The blast furnace at Dolvi and one of the blast furnaces at Salem that were shut-down for capacity expansion are likely to get commissioned in the fourth quarter too. Other ongoing projects are progressing satisfactorily and are likely to complete as per schedule.
JSW Steel is a leading integrated steel company in India with an installed steel-making capacity of 14.3 MTPA. JSW Steel’s plant at Vijayanagar is one the largest single location steel producing facility in the country with a capacity of 10 MTPA.
JSW Group's businesses consist of steel, energy, infrastructure, cement, and JSW Ventures.
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