On July 26, India's largest steelmaker JSW Steel (JSW) announced its financial results for the first quarter (ended June 30) of the financial year 2011-12. In the given period, JSW increased its net profit by 65 percent to INR 4.85 billion ($109 million) as compared to the same period of the previous year.
While JSW's net sales value rose to INR 70.65 billion ($1.6 billion) up by 52 percent year on year, its sales volume increased by 44 percent year on year to 1.7 million mt in the given period.
JSW also recorded its highest-ever quarterly crude steel output in Q1 FY 2011-12, with its crude steel production increasing by seven percent year on year to 1.6 million mt. JSW also posted nine percent growth in its flat rolled production and 11 percent growth in its long rolled product output, both compared to the same quarter of the previous year.
As regards its overseas units, JSW Steel shipped 190,000 mt of iron ore from its Chilean mines and its US steel plant posted a gross profit of $3.5 million during the first financial quarter.