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JSW Steel Q3 results: Profit plunges 88% to Rs 211 crore, misses Street estimates

JSW Steel on Friday reported 88 per cent fall in consolidated net profit at Rs 211 crore for December quarter compared with a net of Rs 1,624 crore in the same quarter last year. Analysts in an ET NOW poll had estimated the number at Rs 457.10 crore. Net sales fell 12.13 per cent to Rs 17,416 crore from Rs 19,821 crore on a yearly basis.

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Last Updated: Jan 24, 2020, 05.08 PM IST
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JSW Steel on Friday reported 88 per cent fall in consolidated net profit at Rs 211 crore for December quarter compared with a net of Rs 1,624 crore in the same quarter last year.

Analysts in an ET NOW poll had estimated the number at Rs 457.10 crore.

Net sales fell 12.13 per cent to Rs 17,416 crore from Rs 19,821 crore on a yearly basis.

Consolidated saleable steel sales for the quarter increased 11 per cent YoY and 13 per cent QoQ to 4.03 million tonnes. The share of value-added and special products in the overall shipments stood at 50 per cent during the quarter, up from 46 per cent in the September quarter, and exports accounted for 24 per cent of shipments against 31 per cent QoQ.

The company said its net debt to equity ratio stood at 1.35 times at the end of December quarter compared with 1.36 times in the previous quarter. Net debt to Ebitda jumped to 3.71 times against 3.23 times in the September quarter, it said.

Heavy and extended rainfall impacted not only operations, but also construction and ongoing project activities at all locations, it added.

"Global steel spreads remained under pressure during the beginning of the quarter and hit lows during October. A modest recovery in November was followed by a strong momentum into December and January. The recovery is being driven by supply side adjustments and a modest pickup in steel demand," the company said in a regulatory filing.

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