India's JSW Steel reported a bigger-than-expected drop in third-quarter profit on Friday as lower prices and tepid demand continued to hurt the country's top steelmaker. Its consolidated net profit plunged 70% year-on-year to 7.

JSW Steel posted revenue from operations at Rs 41,378 crore, down 1.34 per cent as against Rs 41,940 crore recorded during the third quarter of previous financial year.

Results: The profit for the same period last year was Rs 2,415 crore. Revenue from operations too declined 1% YoY to Rs 41,378 crore. EBITDA for the quarter was Rs 5,579 crore, with a 13.5% margin as lower coking coal costs and higher volumes offset weaker steel prices.

India's JSW Steel reported a bigger-than-expected drop in third-quarter profit on Friday as lower prices and tepid demand continued to hurt the country's top steelmaker.

Results: JSW Steel reported consolidated net profit for the December quarter at Rs719 declined 70% year on year over ₹2450 Crore in the year ago quarter