JSW Steel Q3 net profit crashes 88% to ?187 crore

jsw-steel

MUMBAI : JSW Steel, the country’s second largest private steel company, missed profit estimates by a wide margin in the December 2019 quarter. The company reported consolidated net profit of ?187 crore, 88% lower than the ?1603 crore it reported in the year-ago period.

Revenue from operations fell 12% year-on-year to ?17,416 crore. While standalone profit was ?691 crore, the consolidated numbers were dragged down by losses in its overseas plants, particularly in the US and Italy.

The company said capital expenditure projects will be delayed by nearly a year, particularly the 5 million tonne per annum Dolvi plant expansion.

News Source:- livemint

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