Top Indian Steelmaker Posts Lowest Profit in Over a Year

Feb 06 2019, 11:42 AMFeb 06 2019, 1:00 PMFebruary 06 2019, 11:42 AMFebruary 06 2019, 1:00 PM

(Bloomberg) -- JSW Steel Ltd. posted the lowest profit in five quarters weighed by a decline in product prices and a steep drop in exports amid capacity expansions that raised concerns over rising debt.

Group net income at India’s top steelmaker fell 7.4 percent from a year earlier to 16.24 billion rupees ($227 million) in the October-December period, it said Wednesday in a stock-exchange filing. That missed the 17.3 billion-rupee average of 14 estimates compiled by Bloomberg and was the lowest profit since the quarter ended September 2017.

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Market Reaction

JSW’s shares rose 2.1 percent on Wednesday. The stock is down 9 percent this year after rising nearly 14 percent in 2018.
Analysts have 18 buy recommendations on the company, 7 holds and 7 sells, according to data compiled by Bloomberg.