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JSW Steel Second Quarter Profit Up 27%

Total revenue from operations for the quarter jumped about 17 percent to Rs 168.18 billion, with total saleable steel sales rising 2 per cent to 3.96 million tonnes

Photo Credit : Reuters

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Steel producer JSW Steel reported a 27 per cent rise in quarterly profit on Tuesday, helped by higher steel sales.

Favourable international markets during early part of the quarter and an increased domestic demand helped the company to post its highest ever consolidated quarterly saleable steel sales, the steel-maker said.

Total revenue from operations for the quarter jumped about 17 per cent to 168.18 billion rupees, with total saleable steel sales rising 2 per cent to 3.96 million tonnes, it said.

Net profit for the second quarter ending on Sept. 30 rose to 8.39 billion rupees ($129.6 million) from 6.59 billion a year earlier.

Analysts on average had expected net profit of Rs 10.76 billion, according to Thomson Reuters data.

Shares of the Mumbai-based company ended 2.05 per cent lower ahead of the results on the NSE index that lost 0.27 per cent.

(Reuters)


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