Q2 Results: JSW Steel Profit Beats Estimates On One-Time Tax Gain

JSW Steel Ltd.’s quarterly profit beat estimates on the back of a one-time tax gain at a time when domestic steel demand grew at its slowest pace in three years.

WATCH | Full conversation with JSW Steel's Seshagiri Rao.

The steelmaker’s results come at a time when weak domestic demand is weighing on its growth. Demand for steel in India could grow at the slowest pace in three years as economic growth fell to a six-year low. The automobile sector—which the steel sector depends for 10-12 percent demand—too, is facing its worst slowdown in more than a decade.

Shares of JSW Steel fell 1.37 percent to Rs 222.65 apiece on the Bombay Stock Exchange at the end of Wednesday’s trading session.