JSW Steel Group logs 5.88 million tonne Crude Steel Production in Q1FY23; stock marginally up

7 Jul 2022 , 01:43 PM

JSW Steel Limited reported 5.88 million tonnes of combined crude steel production for Q1FY23, a 16% increase on a year-on-year basis, including production at jointly controlled entities.

JSW Steel Indian Operations reported a decline of 2% QoQ at 5.62 million tonne production in Q1FY23 as against 5.71 million tonnes in the quarter ended March 2022. Further, on a yoy basis, it registered a growth of 37% against Q1FY22 at 4.10 million tonnes.

Production of Indian Operations including Joint Control stood at 5.72 million tonnes in the quarter under review as against 5.88 million tonnes in the previous quarter, registering a decline of 3% QoQ, and a growth of 16% on yoy basis.

Due to the preponement of certain scheduled shutdowns during the fiscal year 2022-23, crude steel production was lower sequentially.

JSW Steel is the flagship company of the US$ 22 billion JSW Group. JSW Group, one of India's leading business conglomerates, is also involved in energy, infrastructure, cement, paints, sports, and venture capital.

At around 1.43 PM, JSW Steel was trading at Rs557.55 up by Rs2.4 or 0.43% from its previous closing of Rs555.15 on the BSE. The scrip touched intraday high and low of Rs562.55 and Rs551.70 respectively.