JSW Steel on Friday posted a sharp fall in its December quarter consolidated net profit to Rs 474 crore, mainly on account of higher expenses.
The firm had clocked a net profit of Rs 4,516 crore in the year-ago period.
Total income rose to Rs 39,322 crore from Rs 38,225 crore a year ago.
Expenses were also higher at Rs 38,288 crore against Rs 31,986 crore.
In a separate statement, JSW Steel said its consolidated crude steel production was at 6.14 million tonnes (mt) during the December quarter, while the company sold 5.63 mt finished steel in the third quarter.
The company’s subsidiary JSW Steel Coated Products registered a production volume of 0.73 mt and a sales volume of 0.84 mt. It has reported a loss of Rs 162 crore for the quarter. Bhushan Power & Steel Ltd (BPSL) recorded 0.74mt of steel output and a sales volume of 0.68 mt.
The subsidiary also reported a loss of Rs 150 crore for the quarter ended December 31. HDFC Life net up HDFC Life on Friday reported a 15 per cent increase in net profit at Rs 315 crore for the third quarter ended December.
The private sector insurer’s profit stood at Rs 274 crore in the year-ago period, it said in a regulatory filing. Total income increased to Rs 19,693 crore from Rs 14,222 crore a year ago.
The company’s solvency ratio too improved to 209 per cent from 190 per cent in the year-ago period.
The regulatory requirement is 150 per cent. For the nine months period ended December, the life insurer posted a profit Rs 1,001 crore against Rs 850 crore in the corresponding period a year ago.
