Sajjan Jindal-promoted JSW Steel's net profit plummeted by over half in the December quarter

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to Rs 168 crore, mainly on account of a whopping Rs 500 crore forex loss.

The city-based firm had reported a Rs 382 crore net profit for the October-December quarter last fiscal, it said in a statement.

"Over the last three months, value of the rupee has witnessed unusual depreciation against the US dollar. The net loss of Rs 500.11 crore on restatement of foreign currency monetary items at the close of the quarter has been considered by the company to be exceptional in nature," JSW said.

Turnover of the company, however, went up to Rs 8,498 crore during the quarter vis-a-vis Rs 6,286 crore in the year-ago period.

It sold 1.9 million tonnes steel during the October-December quarter, up 20 per cent vis-a-vis the same quarter last fiscal.

Net debt gearing of the company stood at 0.75 as of September-end.