LIC reports 3.51% growth in profit after tax for H1 FY 2024
The Board of Directors of Life Insurance Corporation of India (LIC) has approved and adopted the standalone and consolidated financial results for the six months ending 30 September.
JSW Steel on Friday reported a 64 per cent decline in the consolidated net profit to Rs 845 crore for the April-June quarter of 2024-25 on the back of lower sales volume and realisation.
The Sajjan Jindal-led company had made a net profit of Rs 2,338 crore in the same quarter last year.
Consolidated crude steel production for the quarter stood at 6.35 million tonnes (mt), lower by 1 per cent Y-o-Y and 6 per cent Q-o-Q. Capacity utilisation at the Indian operations was 87 per cent during the quarter. Steel realisations have been impacted by imports at lower prices.
Advertisement
The company said that elevated imports, particularly from China and Free Trade Agreement (FTA) countries, pose a challenge to the domestic steel industry. However, the company expects the growth momentum in domestic steel consumption in India, driven by manufacturing, infrastructure development, and optimistic consumer sentiment.
JSW Steel’s exports were 29 per cent lower Y-o-Y and constituted 10 per cent of sales from the Indian operations for Q1 FY25 compared to 15 per cent of sales in Q1 FY24.
In its statement, the company said that government capital expenditure was expected to recover in the coming quarters, supported by “robust tax revenues and higher Reserve Bank of India (RBI) dividend, providing fiscal flexibility”.
JSW Steel’s net debt as of June 30, 2024, stood at Rs 80,199 crore, higher by Rs 6,283 crore as of March 31, 2024, due to investment in ongoing expansion projects and investment in working capital.
Advertisement
