JSW Steel Q2 net profit up 3-fold to better-than-expected Rs 20.87 bn

India News
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Sajjan Jindal-led JSW Steel today reported a better-than-expected consolidated net profit of Rs 20.87 billion in the quarter ended September, almost three times higher than the Rs 8.36 billion garnered in the same period last year, on the back of higher revenues, which grew in volumes as well as in terms of realisations.

Revenues from operations stood at Rs 208.91 billion in the period under review, up 23.54 per cent from the same period last year, on the back of increased domestic sales, which went up 11 per cent on a year-on-year basis as the share of auto sales rose by 36 per cent from the same period last year.

The share of the company’s sales in the South and West part of the country also contributed to the revenue stream as it increased by 12 per cent in the quarter gone by from the corresponding period last year.

“Rupee depreciation and higher prices helped the company have better realisations during the quarter,” Seshagiri Rao, joint managing director and group chief financial officer, told reporters at the earnings conference today.

“Since the domestic demand was strong, the company also reduced its exports in this quarter to 17 per cent from 21 per cent in the same period last year,” Rao added.

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