India: JSPL reports drop in steel production, sales in Q1FY’23

JSPL’s production and sales dropped in Q1FY’23 as both domestic and export volumes were impacted by challenging market conditions and imposition of export duty in late May’22.

• Production stood at 1.99 mnt in Q1FY’23, down 6% q-o-q and 1% y-o-y.
• Sales fell 16% q-o-q to 1.74 mnt in Q1. However, volumes rose 8% y-o-y as against 1.61 mnt in Q1FY’22.
• Exports accounted for 26% of total sales during the quarter.