"Looking at the domestic demand growth, we see a shortage of steel if we dont expand in the next two years", JSW Steel joint managing director and group chief financial officer Seshagiri Rao told reporters here while announcing nearly two-fold rise in consolidated net profit to Rs 2,879 crore in the March quarter, against Rs 1,008 crore in the year-ago quarter. "We have also received approval from the committee of creditors for this transaction", he said.
Revenue of the company jumped 16 percent to Rs 20817 crore against Rs 17917 crore.
The cumulative capital expenditure pipeline over the next three years will be Rs39,715 crore. Net debt declined to Rs 69,215 crore.
Total revenue from operations rose 16.2 percent to 208.17 billion rupees and the steelmaker also said it achieved record crude steel production in the quarter at 4.31 million tonnes, up 5 percent year on year.
For the full financial year, the steel-maker reported its highest ever consolidated net profit of Rs6,113 crore, up 76% from Rs3,467 crore the previous year.
During the quarter, crude steel production rose 5% year-on-year to 4.31 million tonnes (mt) while sales of saleable steel stood at 4.22mt, up 7% over the same period.
The company expects Indian steel consumption to grow roughly 7% in FY19, with demand growing fastest within the automotive and appliances sectors. JSW Steel and AION Investments Private II (AION) had submitted a bid for MIEL under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016.
"We also successfully completed a $2bn Rights Issue, one of the largest equity issuance in India", he said.The shares of the company closed at Rs 622.05 apiece on the BSE, down 0.32% from the previous close.
This is unedited, unformatted feed from the Press Trust of India wire.