JSW Ispat records crude steel production of 0.10 mn tonnes in Q3

JSW Ispat Special Products said that crude steel production in Q3 FY23 was 0.10 million tonnes, down by 30% from 0.14 million tones recorded in the same period last year.

The steel production is significantly higher as compared with 0.03 million tones tons produced in Q2 FY23.

"The crude steel production for Q3 FY23 was higher due to restart of certain plant operations of the company in Q3 FY23, JSW Ispat said in a statement.

The company's crude steel production was 0.23 million tonnes in 9M FY23, down by 43% from 0.41 million tonnes in 9M FY22.

JSW Ispat Special Products, in August 2018, was acquired jointly by a consortium of AION Investments Private Limited (AION) and JSW Steel Limited through corporate insolvency resolution process (CIRP) as per Insolvency and Bankruptcy Code 2016 (IBC). JISPL has integrated steel unit at Raigarh and a steel unit in Raipur, both these units are located in State of Chhattisgarh.

The company had reported a consolidated net profit of Rs Rs 209.10 crore in the quarter ended September 2022 as against net loss of Rs 36.88 crore during the previous quarter ended September 2021. Sales declined 46.68% to Rs 750.45 crore in Q2 FY23 over Q2 FY22.

The scrip advanced 0.95% to currently trade at Rs 32 on the BSE.

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