Mumbai, Jan 25 (IANS) Billionaire Sajjan Jindal-led JSW Steel on Thursday reported a close to five-fold rise in its net profit for the October-December quarter of the current financial year, driven by robust domestic demand.
The consolidated net profit of the company surged to Rs 2,415 crore for the third quarter, from Rs 490 crore in the same quarter of the previous fiscal.
The steel maker’s revenue from operations went up 7.2 per cent to Rs 41,940 crore. The company’s EBIDTA (earnings before interest, depreciation, tax and amortisation) shot up by 57.9 per cent to Rs 7,180 crore.
On Wednesday, Tata Steel had reported that it has swung back into profit on the back of a strong domestic performance, which offset the losses of the company’s business operations in Europe.
The demand for steel in India has picked up at a robust pace, as the government has been making massive investments in large infrastructure projects to spur economic growth.
These projects in the highway, port and railway segments have generated a strong demand for steel and cement, which is having a multiplier effect on growth. There has also been an uptick in the housing sector which has further strengthened the demand for steel.
–IANS
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