 "JSW Steel first-quarter profit surges nearly four-fold, tops estimates")
JSW Steel Ltd reported a nearly four-fold jump in first-quarter net profit on Wednesday, boosted by higher steel prices, beating analyst estimates.
Net profit for the quarter ended June 30 was Rs 23.66 billion ($344.3 million), compared with Rs 6.26 billion in the same period a year ago when earnings were squeezed by the Goods and Services Tax, the company said.
Analysts on average had expected a profit of Rs 21.08 billion, according to Thomson Reuters I/B/E/S.
Total revenue from operations rose 25.3 per cent to Rs 205.19 billion.