JSW Steel reports net loss of Rs 915 Cr in Q2

The steel maker's revenue for the quarter from operations stood at Rs 41,778 crore and operating Earnings before interest, taxes, depreciation, and amortization (EBITDA) at Rs 1,752 crores, with an EBITDA margin of 4.2 per cent.

The fall in EBITDA was attributable to a reduction in the steel spread, as the decline in sales realization was only partly compensated by the reduction in coal and domestic iron ore prices.

''The domestic steel industry witnessed demand growth with consumption at 27.93 Million tonnes in Q2 FY23, up by 13.0 per cent YoY and 1.6 per cent QoQ, supported by a strong automotive sector and demand from the infrastructure sector. However, the imposition of export duty on finished steel products in May 2022 had made exports unattractive, with Q2 FY23 exports (excluding semis) from India at 1.41 million tonnes, lower by 66.4 per cent YoY and 35.6 per cent QoQ. During the Quarter, the combined crude steel production of JSW Steel was 5.68 Million tonnes, sequentially lower by 3 per cent, attributable mainly to extended maintenance shutdowns at JISPL, and subdued market conditions in the USA,'' a statement from the company said.

(With UNI inputs)