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India's Tata Steel profit lifted by one-off United Kingdom pension gain

Tata Steel Tata Steel returns to profit on one-off gain
Ginger Lawrence | 17 May, 2018, 04:34

JSW Steel, the largest steelmaker in India, reported almost 3-fold increase in its Q4 net profit at Rs 2879 crore, YoY.

"We have made a decision to expand our capacity from 18 mt (million tonne) to 24.7 mt, which includes addition of one mt at Vijaynagar and 0.67 mt at Dolvi unit, and also expand our downstream projects by 2020", he said. On a standalone basis, the company's quarterly profit and turnover declined 27% and 5% to Rs 1,031 crore and Rs 16,281 crore, respectively.

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.

The Sajjan Jindal promoted company announced a capital expenditure of Rs 17,600 crore, mainly on cost reduction projects such as coke oven and pellet plants.

India's largest private sector steel maker recorded its best ever annual performance with net profit climbing to Rs 6,113 crore in 2017-18, up 76 per cent from Rs 3,467 crore in the previous fiscal.

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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.

Rao pointed out that the domestic growth outlook is improving as structural reforms are expected to increase productivity and incentivise investments. ETNow poll had predicted a net profit of Rs 2,323 crore.

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

The company had announced an overall estimated capital expenditure plan of close to Rs 26,815 crore a year ago.