Posted on 26 Jan 2024
JSW Steel JSTL.NS, 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 consolidatednet profit rose to 24.15 billion rupees ($290.7 million) for the quarter ended Dec. 31from 4.90 billion rupees a year earlier, according to an exchange filing.
Its steel sales grew 7% to six milliontonnes, while crude steel production for the quarter jumped12% 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 demandslackened, analysts said.
Revenue from operations rose 7.2% to 419.40 billionrupees.
Source:Reuters
