New Delhi : Sajjan Jindal-led JSW Steel on Wednesday reported about three-fold jump in its consolidated net profit for the fourth quarter of fiscal year ended March 31, thanks to higher commodity prices and spreads.
The company posted a net profit of Rs 2,879 crore as against Rs 1,008 crore in the year-ago quarter, JSW Steel said. The consolidated total income rose 16 per cent to Rs 20,862 crore in the quarter as against Rs 17,973 crore. Its total expenses rose to Rs 17,275 crore compared to Rs 16,578 crore in the year-ago period.
JSW Steel has decided to invest an additional Rs 17,600 crore for increasing its steel capacity to 24.7 million tonne per annum (mtpa) by 2020. “Looking at the domestic demand growth, we see a shortage of steel if we don’t expand in the next two years,” joint MD and group CFO Seshagiri Rao said.
“We have decided to expand our capacity from 18 mt to 24.7 mt, which includes addition of 1 mt at Vijaynagar and 0.67 mt at Dolvi unit, and also expand our downstream projects by 2020,” he said.