JSW Steel posts record quarterly profit

NCLAT to hear Bhushan Steel promoter’s plea against Tata Steel takeover

Domestic steel giant Tata Steel on Wednesday reported consolidated net profit of Rs 14,688.02 crore for the fourth quarter ended March 31, 2018.

The consolidated total income of the company increased by 16 per cent to ₹ 20,862 crore during the quarter as against ₹ 17,973 crore in the corresponding quarter of the previous fiscal. The huge jump was on account of an exceptional non-cash gain of restricting of a United Kingdom pension scheme during the quarter.

Commenting on the guidance, Rao said the company is looking at a 3 per cent jump in steel production at 16.75 mt and 2.5 per cent increase in sales at 16 mt in FY19.

Tata Steel Ltd TISC.NS was helped to a quarterly profit of 146.88 billion rupees (1.61 billion pounds) by a one-off pensions gain, in contrast with an 11.68 billion rupee loss a year earlier.

The total expenses of the company stood at Rs 32,626.42 crore during the quarter under review as against Rs 31,132.02 crore in the year-ago period. The issue has been resolved and the plant is now running at full capacity, said managing director T V Narendran. The India operations was impacted due to a blast furnace outage at its Kalinganagar plant.

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Tata Steel Europe is seeking buyers for its five non-core business units that supply products to niche markets.

With the company already spending about Rs 4,700 crore in FY18, it plans to spend the balance Rs 39,715 crore over the next three years, according to him. Net debt declined to Rs 69,215 crore.

The company says is ready for the buy out of Bhushan Steel and is awaiting all regulatory approvals.

JSW Steel ended at Rs 336.65, up Rs 2.90, or 0.87 percent on the BSE.

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