JSW Steel Q1 profit zooms 64% to Rs 485 cr

India’s largest privately-owned steel maker JSW Steel made a robust consolidated profit of Rs 485.2 crore in the April-June 2011 quarter, up 64% against Rs 295.4 crore for the corresponding quarter last fiscal.

Updated on: Jul 26, 2011, 21:59:44 IST

Hindustan Times | By HT Correspondent, Mumbai

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India’s largest privately-owned steel maker JSW Steel made a robust consolidated profit of Rs 485.2 crore in the April-June 2011 quarter, up 64% against Rs 295.4 crore for the corresponding quarter last fiscal.

Despite a 3% drop in profit margin due to high cost of coal and iron ore, the company posted hefty profits on the back of good sales and its highest ever quarterly production of 1.68 million tonnes of steel.

“The steel industry is passing through a sluggish phase right now but JSW has done well,” said Seshagiri Rao, joint managaing director and CFO, JSW Steel.

“Higher sales and production have helped us increase our profits. We have been able to sell more or less everything that we are producing. The order book is looking very good at this point in time and our margin this quarter was 20%.”

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