Tata Steel reports Q4 profit of ₹14,688 cr
NEW DELHI: Domestic steel giant Tata Steel on Wednesday reported consolidated net profit of ₹14,688.02 crore for the fourth quarter ended March 31, 2018.
The company had clocked a net loss of ₹1,168.02 crore in the corresponding quarter of the previous fiscal, it said in a BSE filing.
The total consolidated income of the company increased to ₹36,407.19 crore in Januarymarch 2018, from ₹35,457.06 crore in the same quarter of FY17.
The total expenses of the company stood at ₹32,626.42 crore during the quarter under review as against ₹31,132.02 crore in the year-ago period.
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. 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”.
He said growth was broadbased across marketing segments and added that Tata Steel Europe had a good quarter despite currency headwinds.
“The UK pension scheme restructuring process has also been completed. The 50:50 JV discussion with thyssenkrupp is progressing well and we are committed towards building a strong European portfolio,” Narendran said.
He added that the company continues to execute its strategy of expanding footprint in India. “Kalinganagar Phase 2 expansion is progressing well, which will take our capacity from 13 million tonnes (MT) to 18 MT of crude steel. I am also happy to share that NCLT has given its approval on our resolution plan for Bhushan Steel. We have also received CCI approval for this transaction,” he said.
On the steel outlook, he said the company is closely watching the developments in global steel trade because of US’ protectionist measures.