Tata Steel reports Q4 net profit at Rs 14688 crore

Tata Steel finally bags Bhushan Steel NCLT imposes fine on two challengers

A Reuters poll of 10 analysts estimated the company to report a consolidated net profit of Rs 1,893 crore and revenue to increase to Rs 19,556 crore.

Tata Steel on Wednesday posted a profit of Rs 10,187.23 crore for the quarter ended March 31, 2018 against a consolidated loss of Rs 725.14 crore in the corresponding quarter a year ago.

The consolidated total income of the company increased by 16 per cent to ₹ 20,862 crore during the quarter as against ₹ 17,973 crore in the corresponding quarter of the previous fiscal. The India operations was impacted due to a blast furnace outage at its Kalinganagar plant.

T V Narendran, CEO & MD of the company, said: "Tata Steel performance has been robust in FY18 driven by our strong execution strategy and supported by favourable global demand-supply balance".

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

Tata Steel may well become the first company to complete the process of acquiring debt-ridden Bhushan Steel under the Insolvency and Bankruptcy Code (IBC) with the National Company Law Tribunal (NCLT) clearing its resolution plan on Tuesday.

"The Company will set up power plants of 175 MW and 60 MW to effectively utilise flue gases and steam generated from Coke Dry Quenching (CDQ), which will lead to savings in power", JSW Steel said.

During the year, the company's United States plate and pipe mill operation turned around, generating a positive EBIDTA, gaining from tariffs imposed on steel imports by the Trump administration.

"We completed 2 large financing transactions, which apart from providing funds also gives us significant flexibility to pursue our growth plans".

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