JSW Q2 net profit up 547% at Rs 822 crore

JSW Steel today reported 547 per cent jump in its standalone profit to Rs 822 crore for the second quarter ended September on the back of higher volumes and rupee appreciation.

The company's profit in the same period last year stood at Rs 127 crore.

"Net sales grew by 16 per cent to Rs 8,834 crore during the quarter ended September against Rs 7,625 crore in the year-ago period," the company said in a statement.

"Due to 6.4 per cent appreciation in the value of the rupee against the dollar during Q2 of 2012-13, the gain of Rs 422 crore on restatement of foreign currency monetary items at close of the quarter credited to profit and loss account, has been considered by the company as exceptional in nature," it said.

"The company posted profit of Rs 822 crore up by 547 per cent over the corresponding quarter of previous year mainly on higher volumes and rupee appreciation impact," the statement added.

The operating EBIDTA (Earnings Before Interest Depreciation Taxes and Amortization) for the quarter stood at Rs 1,525 crore, up 18 per cent over the same period last year, it added.

The company reported production and sales volume of 2.17 million tonnes for second quarter of 2012-13.

Source: www.moneycontrol.com

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