JSW Steel beats forecast, net jumps 153% to Rs 22.8 bn in Sep quarter

Steel major JSW Steel on Thursday reported a 153 per cent surge in its consolidated net profit for the July-September quarter to Rs 22.8 billion, compared with Rs Rs 8.39 billion in the year-ago period.

The company exceeded the consensus forecast of Rs 19.58 billion in consolidated net profit for the quarter. Its total consolidated revenue from operations in the quarter under review was Rs 215.52 billion, compared with Rs 172.40 billion in the same quarter last year.

JSW Steel said in a statement after the release of data on its quarterly earnings that its 1.5 mtpa coke oven plant at Dolvi and tin plant with a capacity of 0.25 mtpa at Tarapur were likely to be commissioned in the December quarter. It added that its pipe conveyor project at Vijayanagar for iron ore transportation was also likely to be commissioned in the same quarter.

Besides, the company said that its board had considered and accorded an in-principle approval to a rights issue of up to Rs 50 billion and approved a scheme of amalgamation for the merger of Dolvi Minerals & Metals, Dolvi Coke Projects, JSW Steel Processing, and JSW Steel.