JSW Steel rose 1.94% to Rs 932.45 at 15:03 IST on BSE after the company reported a consolidated net profit of Rs 466.49 crore in Q3 December 2013 as against net loss of Rs 73.70 crore in Q3 December 2012.
The Q3 result was announced during trading hours today, 28 January 2014.
Meanwhile, the S&P BSE Sensex was down 16.01 points or 0.08% at 20,691.44.
On BSE, so far 1.53 lakh shares were traded in the counter as against average daily volume of 56,000 shares in the past two weeks.
The stock hit a high of Rs 946.10 and a low of Rs 905 so far during the day.
JSW Steel's consolidate total income rose 53.29% to Rs 13637.21 crore in Q3 December 2013 over Q3 December 2012.
There was a foreign exchange (forex) loss of Rs 268.45 crore in Q3 December 2012 while the forex loss was nil in Q3 December 2013.
JSW Steel said that the Q3 December 2013 results are after giving effect to the scheme of amalgamation and arrangement (scheme) between the company and JSW ISPAT Steel and others, which became effective 1 June 2013 with appointed date of 1 July 2012. Hence, the current quarter figures are not strictly comparable with that of Q3 December 2012 as the effect of implementation of the scheme is included in the current quarter figures, JSW Steel said in a statement.
During the quarter, JSW Steel said it has achieved highest ever crude steel production (3.19 million tonnes, 52% YoY growth), highest ever consolidated gross turnover of Rs 14357 crore, highest ever consolidated exports of 1 million tonne (accounting for about 60% of India's overall steel exports) and highest ever consolidated EBITDA of Rs 2409 crore. Amidst a challenging operating environment marked by muted domestic demand growth, the company has achieved 100% of its production and sales volume guidance for FY 2014 (on a pro-rated basis), the company said in a statement.
On the status of ongoing projects, JSW Steel said that the implementation of ongoing projects like continuous annealing line and galvanizing line of CRM-2 at Vijayanagar, Electrical steel complex at Vijayanagar, and pellet plant and coke oven plant at Dolvi is in progress and is likely to complete as per schedule.
With regard to the future business outlook, JSW Steel said that the global economic recovery is likely to gather pace in calendar year (CY) 2014 - as reflected by improving fundamentals and upgrades to consensus growth forecasts for developed markets, while emerging economies continue to face moderation in expected growth rates.
JSW Steel said that with steel exports surging on the back of improving demand in developed markets and Rupee depreciation enhancing export competitiveness of Indian steel mills, India turned into a net steel exporter in Q3 December 2013.
With expected commencement of investments in industrial and infrastructure projects post general elections, Indian steel demand is expected to improve in FY 2015, JSW Steel said in a statement.
JSW Steel, belonging to the JSW group, part of the O P Jindal Group, is one of the lowest cost steel producers in the world. The group has diversified interest in mining, carbon steel, power, industrial gases, pon facilities, aluminum, cement and information technology.
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