Big jump in JSW Steel net profit

Tata Steel Q4 net profit at Rs 14,688 crore

Clearly, it does not intend to relinquish its position as India's largest steel maker to Tata Steel.

The gain in profits was despite lower production the company had witnessed of 6.26 million tonne (mt) during Q4 as compared to 6.40 mt a year ago.

Net profit at Rs 2879 crore has grown at 158.4% over average profit after tax of the previous four quarters of Rs 1,111.40 crore.

Total revenue from operations rose 16.2 percent to 208.17 billion rupees and the steelmaker also said it achieved record crude steel production in the quarter at 4.31 million tonnes, up 5 percent year on year.

"Our performance has been robust in FY18 driven by execution strategy and supported by favourable global demand-supply balance. The depletion in assets in any form will be a concern and we will certainly look into it whenever the process is completed".

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. "However, we continue to be bullish on steel prices and spreads with improving demand situation in India", Narendran said.

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Koushik Chatterjee, Executive Director and CFO, said FY18 has been a good year for the company and the group delivered a strong top and bottom line growth. Our $1.3 billion worldwide bond issue in January 2018 helped us extend our maturity profile.

The Sajjan Jindal promoted company announced a capital expenditure of Rs 17,600 crore, mainly on cost reduction projects such as coke oven and pellet plants.

"These potential divestments will allow Tata Steel Europe to strengthen its focus on strategic strip products and markets through its IJmuiden and Port Talbot value chains", the release said.

The shares of the company closed at Rs 336.65 a scrip on the BSE, up 0.87 per cent from the previous close on Wednesday.

This is unedited, unformatted feed from the Press Trust of India wire.

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