JSW Steel Ltd. on May 24 posted a 48% slump in fiscal fourth-quarter earnings year over year as costs widened, steel prices decreased and production ticked down 3%.

Consolidated net profit for the March quarter tumbled year over year to 14.95 billion Indian rupees, from 28.79 billion rupees, as expenses jumped 12.7% to 200.58 billion rupees, from 177.94 billion rupees — largely owing to a charge from inventory changes — and revenue increased by 4.9% to 224.21 billion rupees, from 213.81 billion rupees.

Operating EBITDA decreased by 16% on a yearly basis to 44.40 billion rupees. Total steel sales rose 2% to 4.29 million tonnes from the year-ago period, while crude steel production was down 3% to 4.17 Mt.

Full-year earnings jumped to 75.24 billion rupees from 61.13 billion rupees as a rise in total expenses to 737.63 billion rupees from 655.05 billion rupees was offset by a surge in revenue to 849.61 billion rupees from 733.78 billion rupees.

Crude steel production for the year increased by 3% to 16.69 Mt while sales ticked up 1% to 15.76 Mt.

JSW anticipates fiscal 2020 production of 16.95 Mt, while sales are forecast to grow 1.5% to 16.0 Mt. It also forecast a 6.5% to 7% increase in steel demand in India in fiscal 2020 as a result of the government's infrastructure spending.

As of May 23, US$1 was equivalent to 69.65 Indian rupees.