Mumbai: Sajjan Jindal-led JSW Steel Ltd said fiscal fourth-quarter profit tripled from a year ago, beating analysts’ estimates, on the back of higher production and sales. Net profit rose to Rs1,009 crore in the three months ended 31 March from Rs301 crore a year ago, the company said on Wednesday. Twelve analysts polled by Bloomberg had expected JSW Steel to report a profit of Rs749.40 crore while 14 brokers had estimated revenue of Rs16,297 crore. This has been possible due to our ability to adjust to market conditions, increase exports and contain costs,” said Seshagiri Rao, joint managing director and group chief financial officer of JSW Steel. On 3 May, the Cabinet cleared a policy for the domestic steel sector to treble production capacity by 2030 and help the country meet its steel requirements.

Source: Mint May 17, 2017 11:22 UTC