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JSW Steel Q4 profit triples on higher prices
May 17, 2017 / 10:48 AM / 6 months ago

JSW Steel Q4 profit triples on higher prices

MUMBAI, May 17 (Reuters) - India’s JSW Steel Ltd fourth-quarter profit more than tripled, helped by higher steel prices and volumes and government support for local mills.

The company, which has the highest local steel manufacturing capacity, reported a consolidated total profit of 10.09 billion rupees ($157.41 million) for the three months ended March 2017 as against 3.01 billion rupees a year ago.

Analysts had, on average, estimated the steelmaker to post a profit of 7.76 billion rupees, according to Thomson Reuters data.

Revenue from operations rose 52.5 percent on year to 179.17 billion rupees as the company ramped up production from newly-built capacity at its flagship plant in the southern state of Karnataka. ($1 = 64.1000 Indian rupees) (Reporting by Promit Mukherjee; Editing by Biju Dwarakanath)

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