Major Indian steelmaker JSW Steel (JSW) has announced its financial results for the fourth quarter ended March 31 of the financial year 2017-18, posting a net profit of INR 22.35 billion ($328.54 million), compared to a net profit of INR 10.03 billion recorded in the corresponding period of the previous financial year. In the given period, JSW's sales revenues increased by 16.2 percent to INR 196.99 billion ($2.89 billion), compared to the same quarter of the previous year.
Meanwhile, for the full financial year, the company announced a net profit of INR 46.25 billion ($679.89 million), rising by 29.3 percent compared to the previous financial year, while JSW’s sales revenues amounted to INR 662.34 billion ($9.73 billion), up 16.3 percent year on year.
For the current financial year 2018-19, the company expects crude steel production of 16.75 million mt, three percent higher from the 16.27 million mt recorded in the financial year 2017-18 and a finished steel sales volume of 16 million mt, increasing by 2.5 percent from the previous year.
Meanwhile, regarding its US operations, JSW stated that the operational performance at both its plate and pipe divisions at Baytown, and also at its US coal operations, have seen a consistent improvement during the course of the year. This has been supported by a strong economic outlook for the US, trade remedial actions and strong domestic growth.