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 Rs 2,366 crore ($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 Rs 2,108 crore 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 per cent over last year, while domestic demand during the quarter grew 9.2 per cent, buoyed by increased spend on infrastructure.Total revenue from operations rose 25.3 per cent to Rs 20,519 crore.
Shares of the steelmaker closed down 0.36 per cent in the broader Mumbai market on Wednesday.
Thomson Reuters 2018