Millennium Post

JSW Steel Q4 net profit dips 61.56%

Mumbai: Hit by decline in sales and higher depreciation and interest outgo, JSW Steel on Thursday reported a sharp 61.56 per cent decline in consolidated net profit to Rs 295.91 crore for the fourth quarter ended March 2013.
Its consolidated net sales declined by nearly 3 per cent to Rs 9,851.54 crore in the last quarter of FY13. The steel maker had a net profit of Rs 769.73 crore and net sales of Rs 10,152.68 crore in Q4 of FY12.
For the current fiscal, the Sajjan Jindal-led company expressed confidence over improving performance and has set a target of 9-10 per cent growth in sales and production.
‘We have kept a 10 per cent growth target in steel sales but that is without JSW Ispat. Production target, again without JSW Ispat, is 9.25 million tonnes or 9 per cent growth. This can be achieved given the fact that iron ore availability situation is going to improve in Karnataka,’ JSW Steel Joint Managing Director Seshagiri Rao said.
He added that the company is hopeful of about 22 million tonnes (mt) of iron ore availability in Karnataka in the current fiscal. PTI
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