AMNS India's operational profit falls to $341 mn in March quarter
Steel player AMNS India on Thursday said it has posted a 27.44 per cent fall in its operational profit at USD 341 million (about Rs 2,788 crore) during the March 2023 quarter.
The company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at USD 470 million in the January-March period of 2022, parent firm ArcelorMittal said in a statement.
AMNS India follows January-December financial year.
"EBITDA during 1Q 2023 of USD 341 million was higher as compared to USD 162 million in 4Q 2022, due to higher steel shipments, higher average steel selling prices and lower costs (including energy costs). However, it was lower as compared to USD 470 million in 1Q 2022, due to lower prices offset in part by higher steel shipments," it said.
ArcelorMittal in joint venture with Nippon Steel of Japan owns and operates about 9 million tonne steel plant in Gujarat.
In 2019, ArcelorMittal along with Nippon Steel completed the acquisition of the Essar Steel Ltd plant locat