JSW Steel closes Q2 with Rs 2,913 crore profit

JSW Steel Ltd on Friday said it closed the second quarter of FY24 with a net profit of Rs 2,913 crore after posting a loss of Rs 91 crore in Q2 of FY23. In a regulatory filing, the company said for the quarter ended September 30, it had earned an operational revenue of Rs 33,738 crore (Q2FY23 Rs.34,494 crore) and a net profit of Rs 2,913 crore (net loss Rs 91 crore). According to the company, the growth was largely due to volumes and partially offset by lower sales realisation. During the quarter under review, the company was largely benefitted from a lower material cost which stood at Rs 16,211 crore down from Rs18,797 crore during corresponding period of the previous year.The company produced 5.4 million ton of steel during the quarter under review. @@@