Twelve analysts polled by Bloomberg had expected JSW Steel to report a profit of Rs749.40 crore while 14 brokers had estimated revenue of Rs16,297 crore.
Net profit rose to Rs1,009 crore in the three months ended 31 March from Rs301 crore a year ago, the company said on Wednesday.
Photo: ReutersMumbai: Sajjan Jindal-led JSW Steel Ltd said fiscal fourth-quarter profit tripled from a year ago, beating analysts’ estimates, on the back of higher production and sales.
This has been possible due to our ability to adjust to market conditions, increase exports and contain costs,” said Seshagiri Rao, joint managing director and group chief financial officer of JSW Steel.
On 3 May, the Cabinet cleared a policy for the domestic steel sector to treble production capacity by 2030 and help the country meet its steel requirements.
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JSW Steel Q4 profit triples as prices rebound
JSW reported a consolidated net profit of 10.09 billion rupees ($157 million) for January-March, against 3.01 billion rupees a year ago.
JSW Steel Ltd, India’s biggest steelmaker by capacity, said its fourth-quarter profit more than tripled, helped by higher steel prices and output and government support for local mills.
The results are another sign of a marked pickup in India’s steel sector, which had been hit by a global slowdown amid excess capacity.
Earlier this month, the cabinet approved a proposal to make local steel mandatory in government infrastructure projects.
The slowdown in the steel sector prompted the government to step in last year to protect the domestic industry with import curbs and other measures. Net profit rose to Rs1,009 crore in the three months ended 31 March from Rs301 crore a year ago , This has been possible due to our ability to adjust to market conditions, increase exports and contain costs .
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JSW Steel fourth quarter profit triples on higher prices
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