JSW Steel Q1 net profit jumps over three-fold to Rs 2,339 cr

Domestic steel major JSW Steel's consolidated net profit jumped over three-fold to Rs 2,339 crore in the quarter ended June 30.

The company had clocked Rs 624 crore net profit during the same period a year ago, JSW Steel said in a BSE filing today.

Its total income in the April-June quarter increased to Rs 20,577 crore from Rs 16,412 crore in the year-ago period.

JSW Steel's expenses stood at Rs 17,206 crore as against Rs 15,518 crore.

In a statement, the Sajjan Jinal-led JSW Steel said its crude steel output during the said period registered a 5 per cent rise to 4.11 million tonnes (MT) as against 3.91 MT in first quarter of the preceding fiscal.

The sales stood at 3.83 MT, up 9 per cent from 3.51 MT in the year-ago period.

On June 15, the company completed acquisition of 100 per cent equity stake in Acero Junction Holdings Inc (Acero) in the US for a cash consideration of Rs 536 crore.

"The company has concluded the acquisition of 100 per cent shares of Aferpi SPA Piombino Logistics SPA and 69.27 per cent of share capital of GSI Lucchini SPA in Italy," JSW Steel said.

On Monnet Ispat and Energy Ltd -- one of the 12 stressed assets undergoing insolvency proceedings -- JSW Steel said the resolution plan it had submitted for the bankrupt firm has been approved by the Mumbai bench of National Company Law Tribunal (NCLT) "with certain modifications and the written order is awaited."