(Reuters) – India’s JSW Steel reported a bigger-than-expected drop in third-quarter profit on Friday as lower prices and tepid demand continued to hurt the country’s top steelmaker.
Its consolidated net profit dropped about 70% year-on-year to 7.17 billion rupees ($83.18 million) for the quarter ended Dec. 31.
Analysts, on average, had expected a profit of 9.28 billion rupees, as per data complied by LSEG.
($1 = 86.1990 Indian rupees) (This story has been corrected to say that ‘consolidated net profit dropped about 70% year-on-year to 7.17 billion rupees,’ not ‘dropped about 71% year-on-year to 7.19 billion rupees,’ in paragraph 2)
(Reporting by Manvi Pant in Bengaluru; Editing by Sonia Cheema)
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