JSW Steel profit up 547% in Q2

JSW Steel reported a 547% jump in its standalone profit for the second quarter ended September. “In the midst of challenging global and domestic economic scenario, the company showed a robust performance in the quarter. Net Sales for the quarter stood at Rs. 8,834 crore showing a growth of 16% over the corresponding quarter of previous year on higher volumes. The Operating EBIDTA for the quarter is Rs. 1,525 crore, up 18% over the corresponding quarter of previous year,” a statement released by the company said.
 
The company reported production and sales volume of 2.17 million tonnes for the quarter. “Net Sales for the half year stood at Rs. 17,864 crore showing a growth of 22% over the corresponding period of previous year,” the statement adds.
 
“Due to 6.4% appreciation in the value of the rupee against US Dollar during Q2 FY 2012-13, the gain of Rs. 422 crore on restatement of foreign currency monetary items at close of the quarter credited to profit & loss account, has been considered by the company as exceptional in nature,” it said.
 
“The company posted profit of Rs. 822 crore up by 547% over the corresponding quarter of previous year mainly on higher volumes and rupee appreciation impact,” the statement adds.
 

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