Tata Steel ties up Rs 17K cr debt for Bhushan Steel buy

JSW Steel and Tata Steel plan massive capacity expansion to meet anticipated steel demand

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 previous year. 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.

Tata Steel has tied up a debt of Rs 17,000 crore to acquire Bhushan Steel Ltd and plans to pump Rs 18,000 crore as equity for the Rs 35,200 crore asset.

The company's consolidated net profit stood at Rs 2,879 crore, up from Rs 1,008 crore in the same period past year.

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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". "With introduction of GST, revenue from operations for current quarter & year are not comparable with corresponding quarter & year, since sales in current year from 1 July 2017 are net of GST whereas excise duty was included in revenue from operations and formed part of expenses till 30 June 2017", the company said. "Growth was broad-based across our marketing segments".

The gain in profits was despite lower production the company had witnessed of 6.26 million tonne (mt) during Q4 as compared to 6.40 mt a year ago.

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.

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He said the company is awaiting NCLT approval for Monnet Ispat and Energy (MIEL) acquisition.

Ahead of the results, shares in JSW Steel closed with a gain of 0.6 percent.

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