Saturday, 21 July, 2018


Tata Steel Posts Q4 Profit At Rs 14,688 Crore

Representational Image Representational Image
Conrad Doyle | 17 May, 2018, 06:15

The company's consolidated net profit stood at Rs 2,879 crore, up from Rs 1,008 crore in the same period a year ago.

Domestic steel giant Tata Steel on Wednesday reported consolidated net profit of Rs 14,688.02 crore for the fourth quarter ended March 31, 2018.

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.

The total expenses of the company stood at Rs 32,626.42 crore during the quarter under review as against Rs 31,132.02 crore in the year-ago period.

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. "Growth was broad-based across our marketing segments". "The 50:50 JV discussion with thyssenkrupp is progressing well", he said.

Sajjan Jindal-led JSW Steel today said the company has chose to invest an additional Rs 17,600 crore for increasing its steel capacity to 24.7 million tonne per annum (mtpa) by 2020.

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.

He said the company is awaiting NCLT approval for Monnet Ispat and Energy (MIEL) acquisition. Our $1.3 bn global bond issue in January 2018 helped us extend our maturity profile.

The companys scrip closed at Rs 336.65, up 0.87 per cent on the BSE, against 0.44 per cent decline in the benchmark.

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