Tata wins NCLT nod to buy Bhushan Steel

Ruben Ruiz
May 17, 2018

JSW Steel reported about three-fold jump in its consolidated net profit for the fourth quarter ended 31 March, reports PTI.

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 issue has been resolved and the plant is now running at full capacity, it said.

The company's consolidated net profit stood at Rs 2,879 crore, up from Rs 1,008 crore in the same period a year ago. "During the year, our Indian operations delivered volume growth better than the market on the back of the ramp-up at our Kalinganagar plant and the strength of our marketing network and brand equity".

Tata Steel's Q4FY18 performance beat was largely due to favourable steel environment globally.

Following the plans for Bhushan Steel, TV Narendran, managing director of Tata Steel said "while BSL is right now operating at around 3-3.5 million tonne (mt) capacity, we can easily see it operating at 4-4.5 mt".

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"Deliveries improved by 4.3 per cent Q-o-Q to 2.55 million tonnes in fourth quarter and FY18 deliveries increased by 0.6 per cent YoY to 9.99 million tonnes", it said in a statement. It had clocked a net loss of Rs 1,168.02 crore in the same quarter past year.

"Tata Steel Europe had a good quarter despite currency headwinds".

"The UK pension scheme restructuring process has also been completed".

The domestic steel demand grew at a healthy rate of 8 per cent in the March quarter, however, imports remained at elevated levels in FY18, indicating that the trade remedial measures in place are ineffective, he said. Tata Steel executive director and chief financial officer Koushik Chatterjee told reporters "In the short term, I think the delay in the process (acquisition) is a concern".

The company says is ready for the buy out of Bhushan Steel and is awaiting all regulatory approvals. "We also successfully completed a Dollars 2 billion rights issue, one of the largest equity issuance in India", he said.

Other reports by GizPress

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