Mumbai, Aug 1 (IANS) JSW Steel on Tuesday reported a 43 per cent dip in its consolidated net profit to Rs 624 crore in the quarter ended June 30, 2017 as compared to Rs 1,096 crore in the year-ago period.

Its revenue from operations during the quarter under review stood at Rs 15,977 crore — up by 24 per cent from Rs 12,886 crore in the year-ago period.

“The current quarter was marked by industry-wide destocking, especially for long products and sales through the trade channel, as customers in general adopted a cautious approach towards carrying inventories in the run up to GST implementation, which impacted our domestic sales volume,” the company said in a statement.

As a result, overall steel sales volume stood at 3.51 million tonnes during the quarter with some accumulation of inventory, it added.

The steelmaker said it remained focused on enriching the product mix and sales of value added and special products grew by 12 per cent year-on-year, primarily due to higher volume of electrical steel, CRCA, galvanised and colour coated products.

The board also approved raising of long-term funds, not exceeding Rs 5,000 crore, through different modes for replacing short-term loans, meeting the long-term working capital and capital expenditure.

“The Board of Directors has approved the raising of long-term funds through issuance of secured/unsecured, redeemable, non-convertible debentures not exceeding Rs 5,000 crore, by way of private placement and/or by way of public issuance in one or more tranches, in the domestic market, majority to replace short-term loans, meet long-term working capital requirements, requirements for normal and/or approved capital expenditure/reimbursement of capex already incurred and/or for general corporate purposes,” it said in a regulatory filing.

This is published unedited from the IANS feed.