Tata Steel reports Q4 net profit at Rs 14688 crore

Thursday, 17 May, 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.

The overall estimated capex plan of Rs 26,815 crore announced past year is expected to be enhanced by Rs 17,600 crore to implement new projects, Rao said, adding, "Overall, the company is now implementing a cumulative capex pipeline of Rs 44,415 crore by March 2020".

The company's consolidated net profit stood at Rs 2,879 crore, up from Rs 1,008 crore in the same period past year. "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. JSW Steel Coated Products also recorded a healthy profit of Rs 275 crore in 2017-18 from a revenue of Rs 12,553 crore. The India operations was impacted due to a blast furnace outage at its Kalinganagar plant.

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

Koushik Chatterjee, Executive Director and CFO, said FY18 has been a good year for the company and the group delivered a strong top and bottom line growth.

These projects are planned to be funded by a mix of debt of Rs 25,000 crore and internal accruals of around Rs 19,000 crore, Rao said.

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