Companies

Q3 results: JSW Steel Q3 net profit falls to Rs 1,603 cr

Our Bureau Mumbai | Updated on February 06, 2019 Published on February 06, 2019

JSW's shares ended 2.06 per cent up at Rs 279.30 apiece on the BSE   -  THE HINDU

JSW’s total income in the quarter under review increased 11 per cent

JSW Steel reported a 10-per cent dip in the December quarter net profit at ₹1,603 crore against the ₹1,774-crore logged in the same period last year, largely due to a sharp fall in exports and weak demand in the domestic market.

Revenue was up 11 per cent at ₹19,821 crore (₹17,949 crore) even as sales were down 7 per cent at 3.68 million tonnes (mt). The company expects to fall short of its annual sales guidance of 16 mt even while meeting the production target of 16.5 mt.

Seshagiri Rao, Joint Managing Director, said steel imports into the country during December quarter were up 7.3 per cent, while exports fell 40 per cent leading to an inventory pile-up.

Exports account for 10 per cent of overall JSW Steel sales. As of December-end, the company’s net debt was at ₹46,000 crore.

Published on February 06, 2019
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