Tata Steel returns to profit on one-off gain

Tata Steel returns to profit on one-off gain

JSW Steel has reported a 186 per cent jump in net profit and a 16 per cent growth in revenue in the fourth quarter, backed by strong margins of the alloy across the globe.

The company received one-time exceptional gain of Rs 11,376.14 crore in March quarter. JSW Steel Coated Products also recorded a healthy profit of Rs 275 crore in 2017-18 from a revenue of Rs 12,553 crore.

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.

India's JSW Steel posted record quarterly net profit on Wednesday, almost tripling from past year, largely beating market estimates thanks to higher commodity prices and spreads. The India operations was impacted due to a blast furnace outage at its Kalinganagar plant.

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.

Mr. Narendran said growth was broad-based across marketing segments and added Tata Steel Europe had a good quarter despite currency headwinds.

During the year, the company's USA plate and pipe mill operation turned around, generating a positive EBIDTA, gaining from tariffs imposed on steel imports by the Trump administration.

These projects are planned to be funded by a mix of debt of Rs 25,000 crore and internal accruals of around Rs 19,000 crore, Rao said.

He said the company is awaiting NCLT approval for Monnet Ispat and Energy (MIEL) acquisition.

The companys scrip closed at Rs 336.65, up 0.87 per cent on the BSE, against 0.44 per cent decline in the benchmark.