Big jump in JSW Steel net profit

Tata Steel

Tata Steel on Wednesday posted a profit of Rs 10,187.23 crore for the quarter ended March 31, 2018 against a consolidated loss of Rs 725.14 crore in the corresponding quarter a year ago.

Meanwhile, the total income of the company increased by 16 per cent to Rs 20,862 crore in the March quarter, against Rs 17,973 crore in the same quarter previous year.

The Indian steelmaker on Wednesday reported an exceptional gain of 113.76 billion rupees in the quarter to the end of March, which included a non-cash gain of 140.77 billion rupees relating to the restructuring of its British pension scheme.

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.

Commenting on the result, TV Narendran, CEO & MD said: "Tata Steel performance has been robust in FY18 driven by our strong execution strategy and supported by favourable global demand-supply balance".

The company had clocked a net loss of Rs 1,168.02 crore in the corresponding quarter of the previous fiscal, it said in a BSE filing. Revenues went up to Rs 20,817 crore from Rs 17,917 crore a year ago. The India operations was impacted due to a blast furnace outage at its Kalinganagar plant. "Growth was broad-based across our marketing segments". It was Rs925.03 crore in the year-ago period. Net debt declined to Rs 69,215 crore. "We have also received CCI approval for this transaction", he said.

The company had announced an overall estimated capital expenditure plan of close to Rs 26,815 crore past year.

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