JSW Steel's 2 Indian subsidiaries expected to return to profit in Q3 FY23

Global macroeconomic challenges to shape turnaround of JSW Steel and Bhushan Power & Steel

The Indian subsidiaries of JSW Steel, Bhushan Power & Steel (BPSL) and JSW Steel Coated Products, are expected to be back making profits in Q3 FY23.

In Q2 FY23, the two companies posted losses. While BPSL moved from profit to loss Q1 to Q2, JSW Coated narrowed its losses over the same period.

Multiple factors were responsible for BPSL’s swing, said Seshagiri Rao, joint managing director and group chief financial officer, JSW Steel. Those issues are behind and the company’s performance will normalise in the current quarter, he said.

Among the major constraints that BPSL faced was availability of iron