JSW Steel down 18.1% in profits

JSW Steel’s October-December quarter profit fell 18.1% on year-on-year basis.

Compared to Rs 1,774 crore in the same quarter of the year 2017, the company has earned a net profit of Rs 1,603 crore. However, it is better than the major broking firm ICICI Securities estimates. The broking firm had estimated profit of Rs 1,486 crore for the company. 

JSW Steel’s net income grew by 13.8% to Rs. 20,318 crore from Rs. 18,264 crore. The company’s Ebitda increased by 16.9% to Rs 4,501 crore and Ebitda margin by 59 basis points to 22.2%. 

Total steel sales of the company fell by 7.3% to 36.8 lakh tonnes, resulting in a decline in the profits of JSW Steel. The company’s sales have come down due to low exports. On a year-to-year basis, JSW Steel’s exports saw a severe decline of 70%. However, its vehicle sector increased by 23% in sales volume.

JSW Steel shares in BSE open at a flat price of Rs 279.30 in comparison to last closed price. After the flat start, the shares of the company are being sold. At approximately 10.10 am, it is running at a price of Rs. 276.50 with weakness of 2.80 rupees or 1.00%. 

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