July 25, 2018 / 10:01 AM / in 10 months

JSW Steel first-quarter profit surges nearly four-fold on domestic sales

FILE PHOTO: The logo of JSW is seen on the company's headquarters in Mumbai, India, February 11, 2016. REUTERS/Danish Siddiqui/File Photo

(Reuters) - JSW Steel Ltd reported a better-than-expected first-quarter net profit on Wednesday, boosted by higher steel prices and robust domestic demand.

Net profit for the quarter ended on June 30 was at 23.66 billion rupees ($344.3 million), a nearly four-fold jump from the same quarter a year ago, the company said.

That compared with an average estimate of 21.08 billion rupees from 13 analysts, according to Thomson Reuters I/B/E/S.

Net profit in the same 2017 quarter was hurt as sales volumes were pulled lower amid India’s nationwide rollout of a Goods and Services Tax.

Crude steel production on a standalone basis in the quarter stood at 4.11 million tonnes, up 5 percent over last year, while domestic demand during the quarter grew 9.2 percent, buoyed by increased spend on infrastructure.

Total revenue from operations rose 25.3 percent to 205.19 billion rupees.

Shares of the steelmaker closed down 0.36 percent in the broader Mumbai market on Wednesday.

($1 = 68.7200 Indian rupees)

Reporting by Arnab Paul in Bengaluru; Editing by Gopakumar Warrier and Tom Hogue

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