JSW Steel on Wednesday reported a consolidated net profit of Rs 171.25 crore for the quarter ending March 2016. This is a more than two fold increase over the Rs 62.38 crore profit it reported in the same quarter of FY15.
However, the company’s total income from operations fell to Rs 10,697.52 crore in Q4FY16, as compared to Rs 12,599.7 crore in Q4FY15, according to a JSW Steel statement of consolidated financial results.
The statement added that JSW had re-commissioned three blast furnaces (at Vijayanagar, Dolvi and Salem) in Q4 of FY16. This led to a 5 per cent yearly increase in production of crude steal to 3.21 million tonnes (MT), and a 7 per cent increase in production of saleable steel to 3.28 MT over the same period. The installed capacity too increased by 25 per cent from 14.3 MT to 18 MT per annum.
“In FY16, the domestic industry was hit because of rising imports … Consumption of domestically produced steel decreased by 0.6 per cent YoY as total imports surged by 27 per cent YoY. Total steel exports also decreased by24 per cent YoY. Imposition of minimum import price (during Q416) on various steel products has provided some relief,” said the company.