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Home Steel News JSW Steel turns losses into profits in Q2 FY23-24
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JSW Steel turns losses into profits in Q2 FY23-24

24 Oct 2023 11:56 reported by Joy Liu

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JSW Steel, a leading steel manufacturer in India, posted a net profit of Rs 2,773 crore for the second quarter (July-September) of the fiscal year 2023-24, compared to a net loss of Rs 915 crore in the corresponding period a year ago.

During the period, the company’s consolidated revenue from operations reached Rs 44,584 crore, a year-on-year increase of 6.7%. The expenses were recorded at Rs 40,801 crore, lower than Rs 43,354 crore in the year-ago quarter.

JSW Steel said the strong growth in its performance was mainly due to the government’s push on infrastructure and more investments boosted by positive consumer confidence.

In the September quarter, JSW Steel’s crude steel production amounted to 6.41 million tons, and sales reached 6.39 million tons. The company targeted its output at 26.34 million tons and sales at 25 million tons for the fiscal year 2024.

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