JSW Steel Q1 result: Net profit falls 85% to Rs 839 crore on account of higher expenses

JSW Steel on Friday posted over 85 per cent fall in its consolidated net profit at Rs 839 crore during the June 2022 quarter, mainly on account of higher expenses.

The company's profit stood at Rs 5,900 crore during the April-June period of the preceding 2021-22 fiscal, JSW Steel said in a regulatory filing.

However, its total income during April-June 2022 rose to Rs 38,275 crore from Rs 29,100 crore in the year-ago quarter.

Expenses were higher at Rs 36,977 crore as against Rs 20,804 crore in April-June 2021.

JSW Steel is the flagship business of the USD 22-billion diversified JSW Group, which has its presence in sectors such as energy, infrastructure, cement, paints, sports and venture capital.