According to JSW Ispat Special Products, crude steel production in Q3 FY23 was 0.10 million tonnes, a 30% decrease from 0.14 million tonnes in the same period last year. Steel production is significantly higher than the 0.03 million tonnes produced in Q2 FY23. “The crude steel production for Q3 FY23 was higher due to the restart of certain company plant operations in Q3 FY23,” JSW Ispat said in a statement.
In 9M FY23, the company’s crude steel production was 0.23 million tonnes, a 43% decrease from 0.41 million tonnes in 9M FY22. JSW Ispat Special Products was acquired in August 2018 by a consortium of AION Investments Private Limited (AION) and JSW Steel Limited through a corporate insolvency resolution process (CIRP) in accordance with the Insolvency and Bankruptcy Code 2016. (IBC). JISPL operates an integrated steel unit in Raigarh and a steel unit in Raipur, both of which are in the state of Chhattisgarh.
In the quarter ended September 2022, the company reported a consolidated net profit of Rs Rs 209.10 crore, compared to a net loss of Rs 36.88 crore in the previous quarter ended September 2021. Sales fell 46.68% to Rs 750.45 crore in Q2 FY23 compared to Q2 FY22.