JSW Steel Ltd, India’s most valuable steelmaker, reported a record profit of ₹5,900 crore for the fiscal first quarter amid a surge in the prices of the alloy.
The company had reported a loss of ₹582 crore in the corresponding quarter of the previous year.
Revenue from operations more than doubled to ₹28,902 crore in the three months ended 30 June from ₹11,782 crore in the year-ago period. A nationwide lockdown to stem the spread of the covid pandemic crimped the company’s sales in the first quarter of last fiscal.
Earnings before interest, taxes, depreciation and amortization (Ebitda) came in at ₹10,274 crore, with an Ebitda margin of 35.5%. Ebitda is a measure of a firm’s profitability.
Prices of hot-rolled coil used to make automotive frames, railway tracks and pipes rose more than 19% to around ₹10,000 per tonne, according to Edelweiss Securities.