BENGALURU (Reuters) -JSW Steel, India’s largest steelmaker by capacity, reported a nearly five-fold rise in third-quarter profit on Thursday, helped by strong domestic demand.
The company’s consolidated net profit rose to 24.15 billion rupees ($290.7 million) for the quarter ended Dec. 31 from 4.90 billion rupees a year earlier, according to an exchange filing.
Its steel sales grew 7% to six million tonnes, while crude steel production for the quarter jumped 12% from a year earlier.
Steady infrastructure spending in a pre-election year has propelled India, the world’s second-biggest crude steel producer, into one of the fastest growing markets for the alloy globally, even as world demand slackened, analysts said.
Revenue from operations rose 7.2% to 419.40 billion rupees.
($1 = 83.0730 Indian rupees)
(Reporting by Manvi Pant and Kashish Tandon in Bengaluru; Editing by Sonia Cheema)
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