JSW Steel today reports three-fold increase in profit

New Delhi: Sajjan Jindal-led JSW Steel today reported three-fold increase in consolidated profit at Rs 1,008.5 crore for the fourth quarter ended March 31, 2017. The company's consolidated total profit was at Rs 300.6 crore in the year-ago period, JSW Steel said in a BSE filing.

The consolidated total income increased to Rs 17,973.06 crore, over Rs 11,815.21 crore in the corresponding quarter of FY16. The total expenses also increased to Rs 16,577.80 crore, over Rs 11,506.7 crore in the year-ago period.

Commenting on the result, JSW Steel said that the "current quarter was marked by headwinds of a weak steel demand in the domestic market amid poor liquidity post- demonetisation as well as surge in raw material prices."

In this background, the company strategically enhanced export sales to offset domestic slowdown, with continued focus on enriching the product mix. "The company has recorded its highest ever crude steel production for the quarter at 4.10 million tonnes (MT), up 28 per cent Y-o-Y and 6 per cent Q-o-Q.

It also achieved the highest ever quarterly sales volume of 3.96 million tones growing by 20 per cent Y-o-Y and 9 per cent Q-o-Q," it said. Shares of the company closed 2.48 per cent up at Rs 206.65 on BSE.