JSW Steel reported a sharp year-on-year decline of 37% in its consolidated net profit at Rs 1,595 crore in the September quarter. The company had a tax expense of Rs 910 crore during the quarter, which led to a lower net profit. Operationally, it reported a strong quarter on the back of higher demand for steel after revival in business activity. Consolidated revenue from operations rose nearly 10% to Rs 19,264 crore due to a strong pick-up in saleable steel volumes. Overall, sale volumes increased by 17% y-o-y to 4.15 million tonnes. The recovery was much sharper on a sequential basis, with volumes up 49%. Domestic sales grew 22% y-o-y and about 2.5 times quarter-on-quarter on the back of strong recovery in domestic demand. Automotive steel sales increased by 33% y-o-y, despite an overall decline in domestic automotive production by 7%.