JSW Steel profit at Rs 752 crore, beats estimates
Nitin Johari, CFO, Bhushan Steel Ltd, told NDTV Profit that the company’s volumes grew by 46 per cent during the fourth quarter of 2012-13. “We expect our debt to reduce going forward. We may look at equity issues to raise funds,” he said.
JSW Steel on Monday reported standalone profit of Rs 752 crore for the quarter ended March 2012, beating Street expectations of Rs 675 crore. Sales were at Rs 10,150 crore, against estimates or Rs 8716 crore.
However, the profit after tax was lower than the Rs 832 crore in the year-ago period. Besides, net profit was also pushed up by a one-time gain of Rs 200 crore. Operating income was Rs 9,544 crore, against expectations of Rs 7,105 crore, while standalone debt-equity raito was at 0.69X.
"We have cut output by 2 million tonnes on account of the ban on illegal mining in Karnataka," said chairman and managing director Sajjan Jindal at an earnings announcement on Monday.
"We have cleaned up the entire balance sheeet of Ispat," Jindal said on Monday, adding that JSW Steel had written off Rs1900 crore of stick assets of the acquired company. JSW Steel merged with Ispat Industries earlier this year.
"From a strategy point of view, Ispat is a very good investment," he said.
The stock has been taking a hit almost all day Monday. At the time of results being announced, JSW Steel was trading 1.28 per cent lower at Rs 619.
JSW Steel has India's largest galvanizing and colour coating production capacity and is the largest exporter of galvanized products.