JSW Steel Ltd reported a fivefold jump in profit for the December quarter, surging ahead of analysts' expectations, while its board approved raising ₹2,000 crore to repay loans and for capital expenses.
The Sajjan Jindal-led company's net profit for the third quarter increased to ₹2,415 crore from ₹490 crore in the same year-earlier period. Consolidated revenue from operations rose 7.17% year-on-year to ₹41,490 crore, benefiting from the government's thrust on infrastructure spending that boosted domestic demand for the alloy.
Analysts had expected JSW Steel to post a profit of ₹2,170 crore for the December quarter on revenue of ₹42,774.5 crore, as per a Bloomberg survey.
The JSW Steel board also approved a plan to raise ₹2,000 crore by way of private placement or public issue of non-convertible debentures to service short-term maturity loans and for other capital expenditure requirements, the company said in a statement "The board has approved the raising of long-term funds subject to applicable regulatory approvals and market conditions, through issuance of secured/un-secured, redeemable, non-convertible debentures not exceeding ₹2,000 crore...,"JSW Steel said in a statement.
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