JSW Steel's production up 27% to 1.35 MT in August

Sajjan Jindal-led JSW Steel on Friday reported a 27 per cent growth in its steel production in August to 1.35 million tonnes (MT).

The company had clocked an output of about 1.07 MT during the same month in 2015, it said in a regulatory filing.

Production of flat rolled products grew by 15 per cent to 9.21 lakh tonnes (LT) in August 2016 as against 8.46 LT in the year-ago period.

Long rolled products output was up 24 per cent to 2.51 LT from 2.03 LT during the same period last year, it added.

The company, part of the $11 billion JSW Group, has an installed capacity of 18 million tonnes per annum (MTPA) with steel plants in Karnataka, Tamil Nadu and Maharashtra.

The firm has an objective of touching 40 MT production in the next decade.

In April-June quarter of the financial year 2016-17 (FY), crude steel production grew by 14 per cent to 3.87 MT from 3.40 MT during the same quarter in the FY 2015-16, while sales grew 8 per cent to 3.34 MT from 3.11 MT during the period, JSW Steel said.

It reported a multi-fold jump in its consolidated net profit at Rs 1,109 crore for the quarter ended June 30 as against Rs 21.19 crore a year ago.

Total consolidated income rose marginally by 2 per cent to Rs 12,885.81 crore in the first quarter of this FY compared to Rs 12,647.35 crore during the same period of the last FY.