JSW Steel (JSTL.NS), opens new tab, India's largest steelmaker by capacity, reported a nearly five-fold rise in third-quarter profit on Thursday, helped by strong domestic demand.
BENGALURU, Jan 25 (Reuters) - JSW Steel
(JSTL.NS), opens new tab, 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 24.15 billion rupees ($290.7 million) for the quarter ended Dec. 31 from 4.90 billion rupees a year earlier, according to an exchange filing.
Steady infrastructure spending in a pre-election year 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.
The company reported a 7% rise in steel sales, with domestic sales comprising 91% of the total. Crude steel production jumped 12% from a year earlier.
That helped total revenue rise to 7.2% to 419.40 billion rupees.
JSW Steel said it expects its consolidated capital expenditure for fiscal 2024 to fall to 180 billion rupees from its earlier plan of 200 billion rupees.
Rival Tata Steel
(TISC.NS), opens new tab reported a
third-quarter profit on Wednesday but flagged lacklustre prices that dented revenue growth due to China's steel imports.