JSW Steel Q2 net profit jumps over two-fold to Rs 2,087 cr

Domestic steel major JSW Steel Thursday reported an over two-fold jump in its consolidated net profit to Rs 2,087 crore for the quarter ended September 30, 2018.

The company had clocked a net profit of Rs 836 crore on a consolidated basis in the year-ago period, JSW Steel said in a BSE filing.

Its total income in the July-September quarter increased to Rs 21,608 crore from Rs 17,279 crore in the year-ago period.

Total expenses also swelled to Rs 18,583 crore during the quarter under review as against Rs 16,005 crore in the corresponding period of the previous fiscal.

"Net debt during the quarter increased, mainly due to consummation of the previously announced acquisitions, increase in working capital due to higher volumes and prices, and impact of currency depreciation. The Company's Balance sheet continues to remain strong," the company said in a statement.

A consortium of JSW Steel and AION Investments has completed the acquisition of Monnet Ispat & Energy Limited (MIEL) through their joint venture Creixent Special Steels Limited on August 31, 2018, it said. Consequently, MIEL has become a joint venture of the company.