Wednesday, 23 May, 2018

JSW Steel posts record quarterly profit

Tata Steel returns to profit on one-off gain Big jump in JSW Steel net profit
Jean Garcia | 17 May, 2018, 04:35

Tata Steel Ltd TISC.NS was helped to a quarterly profit of 146.88 billion rupees (1.61 billion pounds) by a one-off pensions gain, in contrast with an 11.68 billion rupee loss a year earlier.

JSW Steel has reported a 186 per cent jump in net profit and a 16 per cent growth in revenue in the fourth quarter, backed by strong margins of the alloy across the globe.

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. "With introduction of GST, revenue from operations for current quarter & year are not comparable with corresponding quarter & year, since sales in current year from 1 July 2017 are net of GST whereas excise duty was included in revenue from operations and formed part of expenses till 30 June 2017", the company said.

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. "During the year, our Indian operations delivered volume growth better than the market on the back of the ramp-up at our Kalinganagar plant and the strength of our marketing network and brand equity".

"The UK pension scheme restructuring process has also been completed".

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JSW Steel is a leading integrated steel company in India with an installed steel-making capacity of 18 million tonne per annum (MTPA).

He said the company is awaiting NCLT approval for Monnet Ispat and Energy (MIEL) acquisition.

During the year, the company's U.S. plate and pipe mill operation turned around, generating a positive EBIDTA, gaining from tariffs imposed on steel imports by the Trump administration. Our $1.3 bn global bond issue in January 2018 helped us extend our maturity profile.

The shares of the company closed at ₹ 336.65 a scrip on the BSE, up 0.87 per cent from the previous close.

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