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

Cornelia Mascio
Mag 17, 2018

The firm reported a 186 per cent jump in net profit at Rs 2,879 crore for the quarter ended March over a 16 per cent increase in total income at Rs 20,817 crore.

Tata Steel Ltd. was helped to a quarterly profit of ₹146.88 billion rupees by a one-off pensions gain, in contrast with a ₹11.68 billion loss a year earlier.

The company recorded an exceptional charge of Rs 11,376 crore in the fourth quarter of fiscal 2018, which included a non-cash gain of Rs 14,077 crore on account of the restructuring of its United Kingdom pension scheme.

"We have chose to expand our capacity from 18 mt (million tonne) to 24.7 mt, which includes addition of one mt at Vijaynagar and 0.67 mt at Dolvi unit, and also expand our downstream projects by 2020", he said.

The company had reported net profit at Rs 1008 crore in the quarter ended March 2017. It was Rs925.03 crore in the year-ago period.

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. Tata Steel's operating profit for January-March declined 6% to Rs 6,579 crore, while its revenues rose 2.3% to Rs 36,132 crore due to improved metal prices.

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

JSW Steel is a part of the diversified JSW Group, which has presence in steel, energy, infrastructure, cement and JSW Ventures.

Shares of JK Lakshmi Cement settled at Rs383.10 on BSE, up 0.04% from previous close.

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

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