JSW Steel posts multi-fold jump in Q2 profit at Rs726 crore
JSW Steel says that the current quarter was marked by ramping up and stabilisation of the recently re-commissioned blast furnaces at Vijayanagar and Dolvi
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New Delhi: Sajjan Jindal-led JSW Steel Ltd on Thursday reported a multi-fold jump in consolidated net profit at Rs726.46 crore for the quarter ended on 30 September, 2016.
The company had posted a consolidated net profit after tax after share of profit of non controlling interest and share of profits of associates/joint ventures of Rs56.26 crore in the same period last year. The consolidated total income from operations increased to Rs14,420.88 crore in July-September this year, from Rs11,992.96 crore in the corresponding quarter of previous fiscal, JSW Steel said in a filing to BSE.
“Consolidated operating EBITDA for the quarter surged by 65% year-on-year ( YoY) to Rs2,959 crore,” the filing said.
“The current quarter was marked by ramping up and stabilisation of the recently re-commissioned blast furnaces at Vijayanagar and Dolvi. As a result, crude steel production grew by 22% (YoY) to 3.98 million tonnes (mt) in the second quarter of FY2017,” the company said.
At the same time, saleable steel sales volume increased by 20% YoY to 3.84 million tonnes as the company increased exports in a seasonally slow period of demand in the domestic markets (due to monsoon). Not only this, the company focused its efforts towards increasing value added & special products sales, which grew by 20% YoY, and branded steel products’ sales also grew by 11% YoY in this period.