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Big jump in JSW Steel net profit
17 May 2018, 11:03 | Regina Holmes
Asian markets are little changed in morning trade
Net profit at Rs 2879 crore has grown at 158.4% over average profit after tax of the previous four quarters of Rs 1,111.40 crore.
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.
Tata Steel Ltd was helped to a quarterly profit of Rs14,688 crore by a one-off pensions gain, in contrast with an Rs1,168 crore loss a year earlier, reportsReuters.
Its total expenses increased to ₹ 17,275 crore during the fourth quarter compared to ₹ 16,578 crore in the year-ago period.
The company also expressed concern over the delay in the entire process as already 270 days have passed for the resolution process, after which, according to IBC rules, the asset has to be liquidated. "The 50:50 JV with Thyssenkrupp is progressing well and we are committed towards building a strong European portfolio", Narendran said.
JSW Steel is a leading integrated steel company in India with an installed steel-making capacity of 18 million tonne per annum (MTPA).
During a press meet to announce the company's result, he said, "We will take on board all 5,000 employees as part of the resolution plan that we have submitted". "However, we continue to be bullish on steel prices and spreads with improving demand situation in India", Narendran said.
Koushik Chatterjee, executive director and chief financial officer, Tata Steel, said the possibility of delisting the stressed asset can not be ruled out.
"We completed 2 large financing transactions, which apart from providing funds also gives us significant flexibility to pursue our growth plans". Our USD 1.3 billion worldwide bond issue in January 2018 helped us extend our maturity profile. "We also completed a $2 billion Rights Issue", Chatterjee added.
Kaushik said that the company has completed the due diligence process in the Thyssunkrupp deal, adding that, "we are just now working on definitive agreements, and should look at it (completion) in the first half of the year".
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.
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