JSW Steel’s Profit Jumps Fivefold on Buoyant Indian Demand
- Company’s board approves fund raising for 20 billion rupees
- JSW lowers its fiscal 2024 capital expenditure guidance
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JSW Steel Ltd.’s quarterly profit quintupled, beating estimates, driven by higher output and strong demand in India as infrastructure spending accelerated ahead of elections this year.
The group’s net income was 24.2 billion rupees ($291 million) during the three months to December, from 4.90 billion a year earlier, the company said in a statement on Thursday. The earnings beat an average profit of 21.71 billion rupees estimated by analysts.