JSW Steel Registers Highest Ever Revenue In Third Quarter
JSW Steel beats estimates on both topline and bottomline.
JSW Steel Ltd. reported a net profit in the October-December quarter of financial year 2016-17, beating the Bloomberg consensus estimate by 102 percent.
The company’s net profit rose to Rs 714.5 crore from a loss of Rs 814.6 crore in the same quarter last year, according to the company’s filings on the stock exchanges. Analysts tracked by Bloomberg had pegged the bottomline at Rs 352.2 crore. The steel major had factored in an impairment of assets in the third quarter of financial year 2016 which led to a loss of Rs 2,122.1 crore.
Total income rose 58.8 percent to Rs 15,097.2 crore, recording the highest revenue ever, the company said in its exchange filing. The revenue surpassed the Bloomberg consensus estimate of Rs 13,903.2 crore. Other income stood at Rs 33.3 crore.
Earnings before interest, tax, depreciation and amortisation grew almost two fold to Rs 2,866.9 crore, while EBITDA margins expanded to 18.72 percent from 10.18 percent.
Shares rose 1.1 percent to Rs 198 crore after the announcement of the results.