1. JSW Steel's Q3 profit jumps five-fold on strong demand

JSW Steel's Q3 profit jumps five-fold on strong demand

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1 min read • Updated: January 25, 2024, 5:17 PM

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Summary

JSW Steel's consolidated net profit rose to ₹2415 cr ($290.7 million) for the quarter ended Dec. 31 from ₹490 cr a year earlier, according to an exchange filing

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JSW Steel reported a nearly five-fold rise in third-quarter profit

BENGALURU, Jan 25 (Reuters) - JSW Steel, India's largest steelmaker by capacity, reported a nearly five-fold rise in third-quarter profit on Thursday, helped by strong domestic demand.

The company's consolidated net profit rose to ₹2415 cr ($290.7 million) for the quarter ended Dec. 31 from ₹490 cr a year earlier, according to an exchange filing. Its steel sales grew 7% to six million tonnes, while crude steel production for the quarter jumped 12% from a year earlier.

Steady infrastructure spending in a pre-election year has propelled India, the world's second-biggest crude steel producer, into one of the fastest growing markets for the alloy globally, even as world demand slackened, analysts said.

Revenue from operations rose 7.2% to ₹41940 cr.