JSW Steel profit doubles on revenue growth, beats estimates

JSW Steel reported a sharp jump in quarterly profit, more than doubling from a year earlier as revenue growth outpaced costs. The company posted net income of ₹3,422 crore for the quarter ended March, up from ₹1,564 crore in the same period last year. Revenue rose 12% to ₹43,418 crore, driven by higher steel volumes and better realisations.

The result beat analyst estimates. A Bloomberg consensus of 13 analysts had forecast profit of ₹2,970 crore on revenue of ₹42,500 crore. The company's EBITDA margin expanded to 22.4% from 19.8% a year ago, helped by lower raw material costs and operating leverage.

Domestic steel demand remained strong, with JSW Steel's crude steel production rising 8% to 6.4 million tonnes. The company's board recommended a dividend of ₹7.50 per share.

Shares of JSW Steel rose 2.3% in Mumbai trading after the earnings release.