JSW Steel Ltd. on Friday reported a consolidated net loss of ₹582 crore for the first quarter of FY21.
The firm had clocked a net profit of ₹1,008 crore in the year-earlier period. Revenue from operations declined 40% to ₹11,782 crore.
On a standalone basis, the company reported net loss of ₹146 crore compared with the net profit of ₹1,439 crore. Total revenue declined to ₹10,293 crore from ₹17,698 crore.
Crude steel production at 2.96 million tonnes was lower than 4.24 million tonnes a year ago. Saleable steel sales dropped to 2.8 million tonnes from 3.75 million tonnes.
Supply chain disrupted
The company said the first quarter was marked by formidable challenges of disrupted supply chains, unparalleled drop in demand and activity levels in the domestic markets, uncertainty in seamless inbound and outbound logistics movement and liquidity constraints.
The firm said the average realisation during the quarter was impacted by lower steel prices and adverse product and market mix.
Lower costs of iron ore and other operating expenses partially offset the drag on margins caused by weaker operating leverage and lower realisations.
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