JSW Steel posts record quarterly profit

Tata Steel

Tata Steel returns to profit on one-off gain

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 previous year.

In the same quarter past year, Tata Steel booked charges of Rs 4,069 crore, including curtailment charges relating to the closure of Tata Steel Europe's pension scheme.

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. It was Rs925.03 crore in the year-ago period. The plan is now expected to be enhanced by Rs 17,600 crore to implement a set of new projects including the power plants, a 8 MTPA pellet plant and 1.5 MTPA coke oven plant at its Vijaynagar project apart from a new coke oven plant of 1.5 MTPA capacity at Dolvi in Maharashtra.

JSW said it expects 3 percent year-on-year growth in crude steel production to 16.75 million tonnes for the 2018-19 financial year.

The domestic steel demand grew at a healthy rate of 8 per cent in the March quarter, however, imports remained at elevated levels in FY18, indicating that the trade remedial measures in place are ineffective, he said.

Tata Steel has tied up a debt of Rs 17,000 crore to acquire Bhushan Steel Ltd and plans to pump Rs 18,000 crore as equity for the Rs 35,200 crore asset. "We have also received CCI approval for this transaction", he said. JSW Steel and AION Investments Private II (AION) had submitted a bid for MIEL under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016.

Ahead of the results, shares in JSW Steel closed with a gain of 0.6 percent.

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

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