JSW Steel Ltd.

JSW Steel has reported results for the first quarter ended June 30, 2013.

The Company reported net loss after tax of Rs 220.76 crore for the quarter against net profit of Rs 269.00 crore for the June quarter of the previous year. Company’s total income grew by 3.52% at Rs 9430.41 crore for the quarter under review as against Rs 9109.87 crore for the corresponding quarter of the previous year.

On consolidated basis, the Group reported net loss after tax after share of profit / (loss) of associates at Rs 381.82 crore for the Q1FY14 as compared to net profit at Rs 49.65 crore for the Q1FY13. Company’s total income rose by 3.51% at Rs 10289.80 crore for June quarter this fiscal at Rs 9940.99 crore for corresponding quarter of the previous year.

Consequent to the merger, the results for the quarter ended June 30, 2013 are not fully comparable with previous periods. On May 03, 2013 the Bombay High Court sanctioned a Composite Scheme of Amalgamation and Arrangement under sections 391 to 394 of the Companies Act, 1956 amongst JSW Steel, JSW ISPAT Steel, JSW Building Systems, JSW Steel Coated Products and their respective shareholders and creditors with effect from July 01, 2012, being the appointed date. Accordingly, effect of the scheme has been considered in the result of the current quarters.