JSW Steel Misses Profit Forecasts Amid Global Demand Slump and Chinese Competition
Key Points:
* JSW Steel's net income plummeted 70% to 7.17 billion rupees in the December quarter.
* Analysts' estimates were missed, with an expected 7.37 billion rupees.
* Weak global demand and low domestic prices impacted profitability.
* Chinese steel exports have hurt Asian mills despite domestic demand expectations in India.
* JSW's crude steel output rose marginally by 2% to 7.03 million tons.
* Revenue declined by 1.3% to 413.8 billion rupees.
* Analyst ratings include 17 buy, 7 hold, and 8 sell recommendations.