On Friday, JSW Steel Ltd had a 86 per cent drop in consolidated net profit for the first quarter at Rs 838 crore. The Sajjan Jindal- led steelmaker posted a profit of Rs 5,904 crore in Q1FY21. Also, the company’s capital expenditure has been trimmed by Rs 5,000 crore.

“The company’s CAPEX spend was Rs 3,702 crore in Q1 FY23, against the planned CAPEX spend of Rs 20,000 crore for FY23. Considering the current market conditions, the company expects to calibrate its CAPEX spend to Rs 15,000 crore for FY23,” JSW Steel said in a statement.

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“…high inflation and energy costs are impacting domestic consumption. Policy rate tightening by RBI and global central banks along with slowing global growth could impact near-term GDP growth,” the company said.

The company’s consolidated revenue has grown by 32 per cent from Rs 28.902 crore to Rs 38,086 crore in the first quarter. Meanwhile, the revenue declined by 19 per cent.

The sales of products for the quarter fell 25 per cent sequentially to 4.49 million tonnes (mt).