The board of JSW Steel on Thursday approved a proposal to raise up to Rs 5,000 crore through a rights issue on a day the company reported a more than 150 per cent growth in consolidated net profit for the September quarter.

Net profit in the quarter rose to Rs 2,087 crore on account of a strong rise in production and sales amid higher steel prices.

During the quarter, the company’s crude steel production grew more than 6 per cent to 4.18 million tonnes, which was largely on account of higher capacity utilisation at its Vijayanagar and Salem units. Further, the consolidated saleable steel sales stood at 3.91 million tonnes, driven by a 14 per cent rise in offtake from original equipment manufacturers and favourable international markets.

The company’s total income increased to Rs 21,608 crore from Rs 17,279 crore in the year-ago period, while total expenses swelled to

Rs 18,583 crore from Rs 16,005 crore in the corresponding period of the previous fiscal.

Revenue from operations grew 25 per cent to Rs 21,552 crore, primarily driven by higher steel prices.

However, net debt rose to Rs 44,919 crore from Rs 39,090 crore in the year-ago period. Completion of the previously announced acquisitions, increase in working capital because of higher volumes and prices and the currency’s depreciation inflated the debt books.