JSW Steel Tuesday reported that its stand-alone net profit zoomed by 652.28 percent at Rs.761.69 crore from Rs.101.25 crore for the quarter ended Sep 30, 2014.
According to the company's filing at the Bombay Stock Exchange (BSE), its total income has increased from Rs.11,606.48 crore to Rs.12,172.65 crore for the quarter under review, representing a growth of 4.87 percent.
The company said it has made a provision of Rs.168.32 crore during the quarter towards carrying value of its investment in US Plate and Pipe mill and also made provision of Rs.21.20 crore towards cancellation of the allotment of coal blocks.
In terms of consolidated results, the company reported a net profit of Rs.748.76 crore for the quarter under review from a net loss of Rs.115.55 crore in the corresponding quarter of the previous fiscal.
Total income increased by 6.80 percent at Rs.13,921.27 crore for the quarter ended Sep 30, 2014 from Rs.13,034.89 crore for the second quarter of the last fiscal.
The company reported an operating EBITDA (earnings before interest, taxes, depreciation, and amortization) of Rs.2,430 crore, representing a year-on-year growth of nine percent and EBITDA margin at 20.2 percent.
"During the quarter, the Company reported highest ever Crude Steel production of 3.30 million tonnes while saleable Steel sales volume stood at 3.07 million tonnes," the company was quoted in a statement.
The company gave an outlook for the coming period, stating that the Indian iron ore market has remained divergent to global trends.
"In contrast to declining prices in international markets, domestic iron ore prices remain sticky and elevated with constrained supply. The Indian steel industry has to consequently resort to imports as an alternate source," the company said.
The company added that the Indian crude steel production increased by 2.6 percent quarter-on-quarter during.
"The domestic steel industry has battled against a surge in imports, especially from China and Korea. This, coupled with a seasonal weakness and subdued economic activities resulted in country's steel consumption remain flattish," the company added.
