By Clarence Leong


JSW Steel Ltd.'s fourth-quarter net profit fell 23% from a year earlier to 32.34 billion rupees ($416.5 million), partly as the cost of materials increased.

Revenue from operations jumped 74% to INR468.95 billion compared with INR269.34 billion in the same period last year, it said in a filing late Friday.

On a consolidated basis, crude steel production in the quarter hit a record-high 5.81 million metric tons, up 38%. Sales of saleable steel expanded 47% to 5.99 million tons, also a record.

During the quarter, higher inflation was exacerbated by a sharp rise in energy prices, the company said. But India's steel industry benefited from "steady demand from the government's continued focus on public infrastructure," it said. "Investments in the construction and infrastructure sector continued to support steel consumption."

Looking ahead, a "realignment of global supply chains" presents opportunities to grow exports, while the outlook for auto sales is healthy and the real-estate market is strong, JSW Steel said. But it expects "high inflation, energy costs, and rate hikes by the RBI and global central banks" will weigh on growth.


Write to Clarence Leong at clarence.leong@wsj.com


(END) Dow Jones Newswires

05-29-22 2029ET