JSW Steel Q3 net down 18%

Net profit at Rs.137 crore on stand-alone basis is below analysts’ expectations
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First Published: Mon, Jan 28 2013. 04 30 PM IST
A file photo of company’s Vijayanagar plant in Karnataka. Higher raw material costs due to shortage of iron ore supplies, and foreign exchange losses hurt growth. Photo: Aniruddha Chowdhury/Mint
A file photo of company’s Vijayanagar plant in Karnataka. Higher raw material costs due to shortage of iron ore supplies, and foreign exchange losses hurt growth. Photo: Aniruddha Chowdhury/Mint
Updated: Mon, Jan 28 2013. 08 26 PM IST
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.
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First Published: Mon, Jan 28 2013. 04 30 PM IST
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