JSW Steel’s Dec quarter profit zooms 1,300% to Rs 2,669 crore

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NEW DELHI: JSW Steel on Friday reported a jump of over 1,300% in its consolidated net profit to Rs 2,669 crore for the December 2020 quarter. The private sector steel maker had clocked a net profit of Rs 187 crore in the corresponding quarter of the previous financial year.
Its total consolidated income during October-December 2020 rose to Rs 22,006 crore, compared with Rs 18,182 crore in the year-ago period. The company’s total consolidated expenses stood at Rs 18,120 crore, higher as against Rs 17,719 crore a year ago.
On a standalone basis, the company registered a net profit of Rs 2,829 crore, against Rs 691 crore in the year-ago quarter. Its standalone income during October-December 2020 was at Rs 19,408 crore, compared with Rs 15,902 crore a year ago. The expenses were at Rs 15,464 crore, compared with Rs 14,981 crore a year ago.
In a separate statement, the company said there is a swift recovery in economic activity in India following the easing of lockdown restrictions and opening up of the economy. The domestic steel industry also witnessed sharp demand recovery, driven by re-stocking, and higher demand.



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