JSW Ispat Special Products reported 25% YoY decline in crude steel production to 0.11 million tonnes (MT) in Q1 FY23 as against 0.14 MT recorded in Q1 FY22.
The company's crude steel production tumbled 37% as against 0.17 MT produced in Q4 FY22. The crude steel production was lower sequentially due to preponement of certain scheduled shutdowns during the financial year 2022-23, the company stated.
JSW lspat Special Products, formerly known as Monnet Ispat (MIL) was incorporated on 1st February 1990. The company was promoted jointly by Sandeep Jajodia and Jindal Strips, its principal activities are to manufacture and market Sponge Iron, Steel and Ferro Alloys. In addition, MIEL is engaged in mining of coal and power generation for captive consumption.
The company's consolidated net profit slumped 96.5% to Rs 3.29 crore on 15% rise in net sales to Rs 1,678.21 crore in Q4 FY22 over Q4 FY21.
Shares of JSW lspat Special Products rose 0.63% to Rs 23.90 on the BSE.
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