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 Billionaire Sajjan Jindal-led JSW Steel on Friday reported a 64 per cent decline in its consolidated net profit to Rs 1,299 crore for the January-March quarter of 2023-24 compared to the corresponding figure of Rs 3,664 crore in the same period last year.

The steel major’s revenue from operations in the fourth quarter declined marginally to Rs 46,269 crore from Rs 46,962 crore in the same period of the previous year, according to a regulatory filing.

The expenses of the company rose to Rs 44,401 crore in the quarter from Rs 43,170 crore reported a year earlier.

Other income in the quarter dipped 18 per cent to Rs 451 crore.

The company said that its expenses related to changes in inventories of finished and semi-finished goods, work in progress and stock in trade, rose to Rs 534 crore from Rs 165 crore.

"Exports at 1.32 million tonnes increased significantly QoQ as export opportunity was used to liquidate inventories given restocking demand in global markets. Exports constituted 20 per cent of sales from the Indian operations," according to the company’s statement.