India's biggest steel producer, JSW Steel Ltd, said on Tuesday net profit fell 44 percent in the quarter ended June.
India’s biggest steel producer, JSW Steel Ltd, said on Tuesday net profit fell 44 percent in the quarter ended June, but outperformed analysts’ estimates, as sales volumes were hit by the nationwide rollout of a Goods and Services Tax. Overall steel sales volumes stood at 3.51 million tonnes during the quarter with some accumulation of inventory, the company said. The steelmaker posted marginal growth of 1 percent on the year in crude steel production, which stood at 3.91 million tonnes in the quarter. Net profit for the Mumbai-based steelmaker’s first quarter dropped to 6.26 billion rupees ($97.70 million), from 11.20 billion a year earlier. Analysts on average had expected net profit of 5.83 billion rupees, Thomson Reuters data show. Total quarterly revenue from operations rose about 24 percent to 159.77 billion rupees, JSW said.