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JSW Steel Q4 net profit up 3.5% to Rs482.83 crore

LiveMint logoLiveMint 27-05-2014 Ruchira Singh

Mumbai: JSW Steel Ltd posted a consolidated net profit of Rs482.83 crore for the fiscal fourth quarter, up 3.5% from the same period a year ago, on the back of higher production and exports, the company said on Tuesday.

Consolidated revenue at India’s third largest steel maker was reported at Rs14,088.11 crore for the March quarter, up 5.27% from a year ago.

A Bloomberg poll of analysts saw JSW Steel’s net profit at Rs587.3 crore on revenue of Rs13,321.2 crore.

JSW Steel’s board will also seek shareholder nod for raising additional long-term financial resources for corporate purposes and paring debt.

The company may consider issuing non-convertible foreign currency bonds not exceeding $2 billion, it said in a statement. Other fund raising options being considered include a qualified institutional placement not exceeding Rs4,000 crore, along with a possible global depository receipts or American depository receipts issue not exceeding US $350 million.

The mix of fund-raising options and it’s timing would be finalised based on market conditions, the company said.

The company had a net debt of Rs34,000 crore on 31 March .

JSW Steel, with a total capacity to produce 14.3 million tonnes at its plants in Karnataka and Maharashtra, has grown and is now focusing on buying iron ore mines for its raw material security.

In the year ended 31 March, JSW Steel produced 12.17mt in crude steel, a 9% growth over last year. Production rose despite slow growth in demand in India as the company pushed exports.

JSW Steel has bid for UK steel trader Stemcor Holdings Ltd’s Indian pellet plant and mines in January. The company has shown interest in Italian steel company Lucchini, according to a 1 May Reuters report.

Shares of JSW Steel fell 0.9% to Rs1,227.55 on BSE, while the benchmark Sensex closed at 24,549.51 points, down 0.68%. The earnings were released after markets closed for trading.

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