India’s JSW Steel Ltd reported a 140 percent surge in third-quarter profit on Wednesday, beating analyst expectations, as the steelmaker marked its highest ever quarterly steel sales.
The logo of JSW is seen on the company’s headquarters in Mumbai, India, February 11, 2016. REUTERS/Danish Siddiqui/File Photo
Net profit for the quarter ended Dec 31 rose to 17.53 billion rupees ($275.39 million) from 7.30 billion rupees a year earlier, the country’s biggest steel producer said in a statement. bit.ly/2Fv19bY
That was above the average estimate of 11.26 billion rupees, according to Thomson Reuters data.
Total revenue from operations for the quarter jumped 17 percent to 178.61 billion rupees, with steel sales rising 12 percent to 4.03 million tonnes.
JSW Steel’s third quarter crude steel production was up 7 percent to an all time high of 4.11 million tons.
Shares of the Mumbai-based company closed 0.3 percent higher while the NSE index fell 0.2 percent.