Mumbai: JSW Steel Ltd on Monday reported a net profit of Rs.137 crore for the third quarter ended December in the 2012-13 financial year, down over 18% from the similar period a year ago. Total income from operations rose 5% to Rs.8,292 crore.
The company said it operated in difficult conditions with low quality and quantity of iron ore as most of the sponge iron, pig iron and pellet plants in Karnataka are closed or operating at low capacities. Net profit also took a hit because expenses rose.
JSW Steel showed improved performance with by growing production by 8% and volume of sales by 14% in the October-December period from a year earlier.
Its new cold rolling mills at the Vijayanagar factory will be completed by March 2015, the firm said in a statement.