JSW Steel's Q3 net profit jumps five-fold to Rs 2,415 cr on strong demand

JSW Steel Ltd reported a nearly five-fold rise in third-quarter profit on Thursday, helped by strong domestic demand.

The company's consolidated net profit rose to Rs 2,415 crore for the quarter ended December 31 from Rs 490 crore a year earlier, according to an exchange filing.

Its steel sales grew 7% to six million tonnes, while crude steel production for the quarter jumped 12% from a year earlier.

Steady infrastructure spending in a pre-election year has propelled India, the world's second-biggest crude steel producer, into one of the fastest growing markets for the alloy globally, even as world demand slackened, analysts said.

Revenue from operations rose 7.2% to Rs 41,940 crore.

On Thursday, JSW Steel's scrip on BSE closed 0.5% higher at Rs 816.45.