Big jump in JSW Steel net profit

Andrew Cummings
May 17, 2018

JK Lakshmi Cement on Wednesday reported 62.30% surge in its standalone net profit to Rs33.84 crore for the fourth quarter ended 31 March 2018.

"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. It was Rs925.03 crore in the year-ago period.

Mumbai: A one-time gain has lifted Tata Steel's quarterly profit to Rs 14,688 crore, in contrast to a loss of Rs 1,168 crore a year earlier. The plan is now expected to be enhanced by Rs 17,600 crore to implement a set of new projects including the power plants, a 8 MTPA pellet plant and 1.5 MTPA coke oven plant at its Vijaynagar project apart from a new coke oven plant of 1.5 MTPA capacity at Dolvi in Maharashtra.

Consolidated total revenue increased 2.34 per cent to Rs 32,132.30 crore in Q4FY18 over Rs 35,304.89 crore in Q4FY17.

The company said it "achieved its highest ever crude steel production for the quarter at 4.31 million tonnes, up 5 per cent year-on-year". Tata Steel's operating profit for January-March declined 6% to Rs 6,579 crore, while its revenues rose 2.3% to Rs 36,132 crore due to improved metal prices. JSW Steel and AION Investments Private II (AION) had submitted a bid for MIEL under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016.

"We also successfully completed a $2bn Rights Issue, one of the largest equity issuance in India", he said.The shares of the company closed at Rs 622.05 apiece on the BSE, down 0.32% from the previous close.

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