JSW Steel Q1 profit dips 44%, but beats estimates
MUMBAI: JSW Steel Ltd on Monday reported a 44.3% drop in consolidated net profit to ₹626 crore in the quarter ended June from the year-ago period, with the EBITDA (earnings before interest, taxes, depreciation and amortisation) margin shrinking by over 10 percentage points 17.9%. Despite such a huge drop, the company’s bottom line still beat Bloomberg estimates. The company’s management said the main reason for such a big drop was the fact that while domestic steel prices corrected in sync with the rest of the globe, domestic ore prices didn’t. The company also suffered due to high fuel cost despite coking coal prices trending down during the quarter since it had high cost inventory from the preceding quarter.