India's Jindal Steel and Power Ltd reported that its consolidated net profit from continuing operations from October to December 2022 decreased to 5.19 billion rupees (US$63.26 million), plunging by 68% year on year.

India's steel industry has faced difficulties since the government introduced an export tax on certain steel intermediaries in May 2022. Although the tax was revoked last November, the company's exports still decreased by more than 50%, which caused its market shares in the European market to go down.