India's JSW Steel reported a bigger-than-expected drop in third-quarter profit on Friday as lower prices and tepid demand continued to hurt the country's top steelmaker. Its consolidated net profit plunged 70% year-on-year to 7.

JSW Steel's Q3FY25 net profit slumped 70% YoY to ₹719 crore due to weak steel prices, despite record production of 7.03 million tonnes and a 12% rise in sales volumes.

Hit by large scale imports and sharp fall in prices, JSW Steel has reported that its December quarter net profit plunged to ₹719 crore against ₹2,450 crore logged in the same period last year

India's JSW Steel reported a bigger-than-expected drop in third-quarter profit on Friday as lower prices and tepid demand continued to hurt the country's top steelmaker.

JSW Steel posted revenue from operations at Rs 41,378 crore, down 1.34 per cent as against Rs 41,940 crore recorded during the third quarter of previous financial year.

JSW Steel reported a 70% decline in net profit to Rs 719 crore in Q3, attributed to increased expenses. Total income slightly decreased and steel production saw modest growth. Despite challenges, EBITDA rose by 3% QoQ due to better volumes and reduced costs.

Total revenues on a consolidated basis in Q3FY25 stood at Rs 41,378 crore, down 1.3 per cent Y-o-Y from Rs 41,940 crore a year ago

The steelmaker was expected to post a significant fall in its third quarter net profit due to weaker realisations, with higher sales volumes providing some offset.

Billionaire Sajjan Jindal-led JSW Steel has declared its earnings for the October-December 2024 period, reporting a major drop in its net profit. The JSW Group company’s revenue from operations also declined on a year-on-year basis in the Q3 of FY25.

The company reported a decline in third-quarter profit (Q3FY25), impacted by lower prices and subdued demand, which continued to affect the country's leading steelmaker