JSW Steel reported 56.55 per cent year on year drops in consolidated profit at Rs. 1,028 crore for the quarter ended June 30 compared with Rs. 2,366 crore in the same quarter last year. Total Revenue (consolidated) of the company down by 3.45 per cent year on year to Rs. 19,812 crore compared with Rs. 20,519 crore in the same period 2018.
"Domestic steel demand during the quarter was impacted by weaker activity levels - driven by a softer public investment spend on account of general elections; a general lack of credit availability across the economy, especially for the small and mid-size businesses; and a weaker sentiment as reflected in slow automotive and consumer durables momentum" said by company in a statement
The operating EBITDA for the quarter declined by 23 per cent year on year to 3,726 crores primarily due to lower sales volumes, however, EBITDA margin stood at a healthy 21.3 per cent. The company reported a net profit after tax of Rs. 1,423 crores for the quarter.