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regular-article-logo Monday, 26 February 2024

JSW Steel reports three-fold jump in net profit at Rs 2,428 crore for June quarter

Total income rose to Rs 42,544 crore from Rs 38,275 crore in the year-ago quarter, a rise of over 11 per cent

Our Bureau New Delhi Published 22.07.23, 09:00 AM
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JSW Steel on Friday posted an about three-fold jump in consolidated net profit at Rs 2,428 crore for the June quarter 2023-24 on account of higher income. It had posted a net profit of Rs 839 crore a year ago.

Total income rose to Rs 42,544 crore from Rs 38,275 crore in the year-ago quarter, a rise of over 11 per cent.

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JSW Steel held its board meeting in Tokyo, Japan. JFE Steel of Japan is a shareholder in the company. The board appointed Swayam Saurabh as chief financial officer designate.

Consolidated crude steel production in the quarter stood at 6.43 million tonne, higher by 11 year-on-year (y-o-y).

Vedanta profit falls 40%

Vedanta on Friday reported a 40.84 per cent fall in its consolidated net profit to Rs 3,308 crore in the April-June quarter, dragged by lower income.

Its “profit after tax before share in profit/ (loss) of jointly controlled entities and associates” was at Rs 5,592 crore in the same period of 2022-23.

However, on a quarter-on-quarter, the company’s net profit was 5.61 per cent higher over Rs 3,132 crore in the January-March quarter.

The company’s total income also fell to Rs 34,279 crore from Rs 39,355 crore in the year-ago period. Its expenses were at Rs 31,973 crore against Rs 32,095 crore a year ago.

UltraTech net rises 7%

Aditya Birla group firm UltraTech Cement on Friday reported a 7 per cent rise in its consolidated profit after tax (PAT) to Rs 1,688 crore for the first quarter ended June, aided by robust sales in the domestic market.

The company had posted a PAT of Rs 1,584 crore a year ago.

Net sales rose to Rs 17,519 crore in the first quarter compared with Rs 15,007 crore in the year-ago period.

Paytm loss narrows

Fintech firm One97 Communications, which operates under the Paytm brand, on Friday reported the narrowing of loss to Rs 358.4 crore in the April-June quarter of this fiscal.

The company had posted a loss of Rs 645.4 crore in the same period a year ago.

The revenue from operations increased by 39.4 per cent to Rs 2,341.6 crore during the reported quarter from Rs 1,679.6 crore in June 2022 quarter.

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