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The company had recorded a net profit of Rs 624 crore during the same period last year.
"Due to strong demand and rising international prices, domestic steel prices also increased during the quarter, which allowed the company to realize a turnover Rs 20,519 in the first quarter of the fiscal year 19. JSW Steel's Joint Managing Director, Seshagiri Rao, told reporters here.
The country experienced annual 9.2% growth in domestic demand for steel in the first quarter, fueled by strong public spending on infrastructure and strong consumer demand. As a result, the company strategically increased its domestic sales by 27 percent year-over-year, helping to increase consolidated sales volumes by 11 percent to 3.76 million tonnes.
The company's sales to the strategic segment of the automobile also grew by 57% and sales of special products and value added grew 6% during the quarter.
Its net debt increased by Rs 1,070 crore during the June quarter due to the impact of the rupee's depreciation on Rs 865, Rao added.
The company said that as part of the upstream integration, it began operation of two iron ore mines and hopes to start operations in three other mines. He is waiting for the auction of category "C" mines in the next six months.
Commenting on his strategic acquisitions, Rao stated that the resolution plan submitted by the consortium of JSW Steel and Aion Investments for the acquisition of Monnet Ispat was approved by the National Law Law Tribunal (NCLT). ) with some modifications and the written order is always expected.
The company finalized the acquisition of a 100% stake in Acero Junction Holdings of Ohio in the United States. Production start-up work is underway and the company plans to start operations by October, Rao said.
JSW Steel, through its wholly-owned subsidiary in Italy, JSW Steel Italy, also concluded today the acquisition of 100% of the capital of Aferpi SpA and Piombino Logistics SpA and 69.27% of GSI Lucchini.
Commenting on the outlook, Rao said that escalating trade tensions posed risks in growth prospects.
Domestic demand for steel rose 9.2% in the June quarter, but imports rose 15%, he said.
Rao said the steel industry is concerned about rising imports and falling exports.
"After the imposition of Article 232 in the United States and the suo motorcycle safeguard measures announced by the EU, we began to witness the diversion of steel imports. surplus countries to India, "added Rao. timely measures.
The company's shares ended down 0.52% to 316.65 Rs on BSE today, compared with 0.09% increase in the index reference.
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