Mumbai: A one-time gain has lifted Tata Steel's quarterly profit to Rs 14,688 crore, in contrast to a loss of Rs 1,168 crore a year earlier.
"Looking at the domestic demand growth, we see a shortage of steel if we dont expand in the next two years", JSW Steel joint managing director and group chief financial officer Seshagiri Rao told reporters here while announcing nearly two-fold rise in consolidated net profit to Rs 2,879 crore in the March quarter, against Rs 1,008 crore in the year-ago quarter.
Consolidated total revenue increased 2.34 per cent to Rs 32,132.30 crore in Q4FY18 over Rs 35,304.89 crore in Q4FY17.
The Bhushan Steel lenders have a 12% stake in the company and there are around 5,000 employees, who "will be taken on board, as per the resolution plan given by us", said T V Narendran, chief executive officer and managing director of Tata Steel. The India operations was impacted due to a blast furnace outage at its Kalinganagar plant.
Its total expenses increased to ₹ 17,275 crore during the fourth quarter compared to ₹ 16,578 crore in the year-ago period. "Growth was broad-based across our marketing segments".
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"The UK pension scheme restructuring process has also been completed".
During the year, the company's USA plate and pipe mill operation turned around, generating a positive EBIDTA, gaining from tariffs imposed on steel imports by the Trump administration.
The company says is ready for the buy out of Bhushan Steel and is awaiting all regulatory approvals. Our $1.3 bn worldwide bond issue in January 2018 helped us extend our maturity profile.
The company had announced an overall estimated capital expenditure plan of close to Rs 26,815 crore past year.