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JSW Steel says quarterly profit triples as prices rebound

Reuters  |  MUMBAI 

(Reuters) - Ltd, India's biggest steelmaker by capacity, said its fourth-quarter profit more than tripled, helped by higher prices and output and support for local mills.

The are another sign of a marked pickup in India's sector, which had been hit by a global slowdown amid excess capacity.

said its outlook was improving.

"demand is expected to benefit from rising infrastructure spend and improving consumer demand in FY2018," said in a statement.

Earlier this month, the cabinet approved a proposal to make local mandatory in infrastructure projects.

reported a consolidated net profit of 10.09 billion rupees ($157 million) for January-March, against 3.01 billion rupees a year ago.

That was well ahead of analysts' forecast for a 7.76 billion rupee profit, according to Thomson data.

Revenue from operations rose 52.5 percent from a year earlier to 179.17 billion rupees as the company ramped up production from newly built capacity at its flagship plant in the southern state of Karnataka.

said operating profit jumped 64 percent to 31.65 billion rupees.

The slowdown in the sector prompted the to step in last year to protect the domestic industry with import curbs and other measures.

($1 = 64.1000 rupees)

(Reporting by Promit Mukherjee; Editing by Biju Dwarakanath and Susan Fenton)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)