Major Indian steelmaker JSW Steel (JSW) has announced its financial and operational results for the first quarter ended June 30 of the financial year 2016-17, posting a net profit of INR 10.8 billion ($161.05 million), compared to a net profit of INR 1.13 billion in the same quarter of the previous financial year. In the June quarter this year, JSW's net sales increased by 8.25 percent year on year to INR 108.06 billion ($1.6 billion).
During the given quarter, JSW Steel produced 3.87 million mt of crude steel, up 14 percent year on year, while achieving finished steel sales of 3.34 million mt, rising by eight percent year on year.
In the first quarter of the current financial year, the company focused on increasing branded and automotive steel product sales. During the quarter, sales to the automotive sector grew by 16 percent and sales of branded steel products increased by four percent, both year on year.