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JSW Steel Q1 net dips 6%

JSW Steel saw its net profit on a consolidated basis slip 6 per cent to Rs 234.08 crore, as compared to Rs 250.23 crore for the quarter ended June 30, 2008.

Total Income for the group also decreased 5 per cent to Rs 4253.52 crore from Rs 4483.79 crore for the quarter ended June 30, 2008. Group revenues from the steel business fell 9 per cent to Rs 4,121 crore from Rs 4,534 crore in the quarter ended 31, March, 2008. However, revenues from the power business grew 18.5 per cent on ayear-on-year basis to Rs 207.25 crore.

On a standalone basis, the steel maker posted a 55 per cent growth in net profit after tax of Rs 340.02 crore for the quarter ended June 30, 2009 as compared to Rs 219.35 in the corresponding period last year.

Total Income grew 12 per cent to Rs 4158.23 crore from Rs 3698.79 crore in the year-ago quarter. In a statement, the firm said its crude steel production was up 41 per cent to 1.376 million tonnes while sale stee sold increased 62 per cen to 1.321 million tonnes.

On a standalone basis, the firm's net sales were up 6 per cent to Rs 3,893.8 crore.

Source - Business Standards
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