JSW Steel Q3 Profit More Than Doubles To `1,774 Crore
Despite headwinds caused by rising prices of raw materials, JSW Steel reported record earnings for the quarter ending December, 2017 with net profits exceeding its double by a huge margin on the back of record increase in volumes sold led by exports.
Consolidated net profit for the period increased by almost 148 percent to ₹1,774 crore from ₹716 crore last year, beating estimates of 56 percent. Even as crude steel production reached record levels at 4.11 million tons with the steelmaker able to manage costs, EBITDA increased by 37 percent at ₹3,851 crore. Level of saleable steel sales touched a record of 4.03 million tons with exports constituting 30 percent of the total volumes sold, up by 56 percent since last year.
Revenue from operations stood at Ì€ 17,861 crore, up by 17 percent since last year. The company also benefited from a reduction in the corporate income tax in the United States with tax liabilities amounting to ₹572 crores being reversed. At the same time it took a hit of ₹264 crore as an exceptional item for the provision it made for impairment towards goodwill, mining development and advances associated with the surrender of its iron ore mine in Chile.
Bu hikaye Steel Insights dergisinin February 2018 sayısından alınmıştır.
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Bu hikaye Steel Insights dergisinin February 2018 sayısından alınmıştır.
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