Sajjan Jindal-led JSW Steel on Thursday reported 1,196 percent rise in consolidated net profit to Rs 726 crore for the quarter ended September 2016 in comparison to Rs 56 crore in the corresponding period last year. The total income from operations rose 20 percent to Rs 14,420 crore from Rs 11,992 crore in the year-ago period.
The JSW stock closed at Rs 1,635.90 on the Bombay Stock Exchange on Thursday, down 2.02 percent from its previous close.
Crude steel production rose 22 percent YoY to 3.98 million tonnes, attributed to higher production at its facilities. "The current quarter was marked by ramping up and stabilization of the recently re-commissioned Blast Furnaces at Vijayanagar and Dolvi," the company said in a statement.
Steel sales increased 20 percent to 3.84 million tonnes.
Stock split
The company announced splitting its stock from the current face value of Rs 10 each to Re 1 each to enhance liquidity in trading.
"The sub-division of equity shares will be subject to approval of the shareholders and any other statutory and regulatory approvals. There will be no change in the authorised and paid up share capital of the Company post this shares split," the company said in a statement.
