JSW Steel Q4 net jumps 3-fold to ₹ 2879 cr

Irene MckinneyMay 17, 2018

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.

The Indian steelmaker on Wednesday reported an exceptional gain of Rs 11,376 crore in the quarter to the end of March, which included a non-cash gain of Rs 14,077 crore relating to the restructuring of its British pension scheme.

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 total expenses stood at Rs 32,626.42 crore, compared with Rs 31,132.02 crore.

India's largest private sector steel maker recorded its best ever annual performance with net profit climbing to Rs 6,113 crore in 2017-18, up 76 per cent from Rs 3,467 crore in the previous fiscal.

Tata Steel Europe is seeking buyers for its five non-core business units that supply products to niche markets. This would also include the cost of the corporate insolvency resolution process and all outstanding employee dues, but exclude the operational creditors' settlement amount of Rs. 1,200 crore as per the resolution plan. "The 50:50 JV discussion with thyssenkrupp is progressing well and we are committed towards building a strong European portfolio", Narendran said.

He added that the company continues to execute its strategy of expanding footprint in India.

The steel producer also said its Kalinganagar phase II expansion is progressing well, which will take its capacity from 13 million tonnes to 18 million tonnes of crude steel.

Financial Express reported that Tata Steel said that any delay in the acquisition of debt-ridden Bhushan Steel may lead to governance issues since the latter has a running plant. Our $1.3 billion global bond issue in January 2018 helped us extend our maturity profile.

The capex for the a year ago was Rs 7,500 crore, he said, adding that the company is looking at a couple of thousand crores more, indicating that the capex could be in the range of Rs 9,000-9,500 crore. The company said that the agreement for the joint venture is expected to be signed in the current quarter.

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.

Tata Steel Ltd, an Indian steel making company has made a decision to take all 5,000 employees of Bhushan Steel largest manufacturer of auto-grade steel in the country.

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