Tata Steel Q4 profit lifted by one-off United Kingdom pension gain

Tata Steel Q4 profit lifted by one-off United Kingdom pension gain

Tata Steel Q4 profit lifted by one-off United Kingdom pension gain

JSW Steel, the largest steelmaker in India, reported almost 3-fold increase in its Q4 net profit at Rs 2879 crore, YoY.

India's JSW Steel posted record quarterly net profit on Wednesday, almost tripling from a year ago, largely beating market estimates thanks to higher commodity prices and spreads.

Income from operations in the quarter rose by 2.6 per cent to Rs 35,737 crore, the company said in a statement. Revenues went up to Rs 20,817 crore from Rs 17,917 crore a year ago. "During the year, our Indian operations delivered volume growth better than the market on the back of the ramp-up at our Kalinganagar plant and the strength of our marketing network and brand equity".

"Tata Steel performance has been robust in FY18 driven by our strong execution strategy and supported by favourable global demand-supply balance", T.V. Narendran, CEO and MD, said.

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Tata Steel may well become the first company to complete the process of acquiring debt-ridden Bhushan Steel under the Insolvency and Bankruptcy Code (IBC) with the National Company Law Tribunal (NCLT) clearing its resolution plan on Tuesday. It sold 15.62 million tonnes of steel in 2017-18 compared with 14.77 million tonnes in the previous fiscal, representing a 6 per cent rise.

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

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

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

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