JSW Steel Q4 PAT halves to Rs 1,495 cr on higher expenses, lower margins

Company board passes a resolution to raise up to Rs 14,000 crore as long-term resources

Sajjan Jindal-led JSW Steel on Friday reported a net profit of Rs 1,495 crore in the March quarter of the financial year 2018-19 (Q4FY19), down 48 per cent from the year-ago period, on the back of increased expenses and lower realisations.

The company’s top line stood at Rs 22,368 crore in the period under review, up 4.8 per cent from the corresponding period last year, as sales volumes rose amid pressured prices on the back of not-so-strong demand.

According to Bloomberg estimates, the Mumbai-based steel producer’s bottom line was expected to be at Rs 1,486 crore, while net sales were