Tata Steel returns to profit on one-off gain

Tata Steel returns to profit on one-off gain

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.

Sajjan Jindal-led JSW Steel today reported about three-fold jump in its consolidated net profit to ₹ 2,879 crore for the fourth quarter ended March 31, 2018.

The total consolidated income of the company increased to Rs 36,407.19 crore in January-March 2018, from Rs 35,457.06 crore in the same quarter of FY17.

"Tata Steel performance has been robust in FY18 driven by our strong execution strategy and supported by favourable global demand-supply balance", T.V. Narendran, CEO and MD, said. The India operations was impacted due to a blast furnace outage at its Kalinganagar plant. During the same period, its total turnover increased 13% to Rs 1.33 lakh crore and operating profit rose 29% to Rs 22,045 crore.

He said growth was broad-based across marketing segments and added that Tata Steel Europe had a good quarter despite currency headwinds.

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

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.

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

The board of the company recommended a divided of Rs 10 per ordinary share of on face value of Rs 10 each and Rs 2.50 per partly paid ordinary share of Rs 10 each for the financial year 2017-18.