JSW Steels Q3 net down 19% on high iron ore price

Despite a challenging business environment, JSW Steel managed to remain profitable during the December quarter, though its profit slipped around 19% to Rs 136.73 crore.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney IThe Winning Leap SME Special
Moneycontrol

Home » News » Earnings » Results

Jan 29, 2013, 10.02 AM | Source: Moneycontrol.com

JSW Steel's Q3 net down 19% on high iron ore price

Despite a challenging business environment, JSW Steel managed to remain profitable during the December quarter, though its profit slipped around 19% to Rs 136.73 crore.

Like this story, share it with millions of investors on M3

JSW Steels Q3 net down 19% on high iron ore price

Despite a challenging business environment, JSW Steel managed to remain profitable during the December quarter, though its profit slipped around 19% to Rs 136.73 crore.

Post Your Comments

Share Cancel

Moneycontrol Bureau

Despite a challenging business environment, JSW Steel managed to remain profitable during the December quarter, though its profit slipped around 19% to Rs 136.73 crore, YoY. The company in a statement said,  if not for higher price it had to pay for outsourcing iron ore due to the ongoing mining ban in Karnataka and Goa, profits would have been higher.

JSW Steel's 10 million tonne  capacity at Vijayanagar plant in Karnataka has been affected since August 2011 after the Supreme Court put a ban on mining in the state due to environmental related issues.

Sales climbed 5% to Rs 8275 crore as demand improved toward the end of the quarter.

Meanwhile, the company incurred forex loss of Rs 327 crore as Rupee depreciated around 4% against the dollar. 

Post earnings announcement, shares of the company were up around half a percent to Rs  867.90.

Company outlook

Going forward, JSW said, pragmatic policies on iron ore mining, speeding up of infra projects and expected interest rate cut by the Reserve Bank of India will boost steel demand. It further said, while the sector is likely to turn around in FY14, imports from countries where India has signed agreements for steel supply, remain a concern for domestic players.

 

Buy, Hold, Sell ? Hear it first on M3
JSW Steels Q3 net down 19% on high iron ore price

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login