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JSW Steel's fiscal Q3'18 profit surges 148% YOY on stronger sales

JSW Steel Ltd. posted record net profit of 17.74 billion Indian rupees for its third fiscal quarter, representing a 148% increase on a yearly basis.

Revenue from operations rose to 178.61 billion rupees, up 17% year over year.

The group also benefited from the corporate tax reduction in the U.S., with tax liabilities totaling 5.72 billion rupees being reversed.

Meanwhile, JSW Steel took a 2.64 billion-rupee hit for the provision it made for impairment toward goodwill, mining development and advances associated with the surrender of its iron ore mine in Chile.

On a standalone basis, JSW Steel's salable steel production rose 7% year over year to 4.1 million tonnes while sales increased 9% to about 4.0 million tonnes. The group said it focused on increasing export sales volume, particularly for long products, to take advantage of a robust pricing environment and demand in foreign markets.

For the nine-month period, the group's net profit grew to 32.34 billion rupees from 24.59 billion rupees reported a year earlier, while revenue jumped to 506.86 billion rupees from 426.19 billion rupees.

Steel production and sales in the nine months increased by 2% and 5%, respectively, to about 12 million tonnes and 11.4 million tonnes.

JSW Steel slashed its net debt by 6.96 billion rupees to 420.68 billion rupees at the end of December 2017.

As of Jan. 30, US$1 was equivalent to 63.79 Indian rupees.