JSW Steel has reported a 186 per cent jump in net profit and a 16 per cent growth in revenue in the fourth quarter, backed by strong margins of the alloy across the globe.
During financial year 2017-18, the company reported 76 per cent year-on-year rise in net profit at Rs 6,113 crore.
The total consolidated income of the company increased to Rs 36,407.19 crore in January-March 2018, from Rs 35,457.06 crore in the same quarter of FY17. The issue has been resolved and the plant is now running at full capacity, said managing director T V Narendran. During the same period, its total turnover increased 13% to Rs 1.33 lakh crore and operating profit rose 29% to Rs 22,045 crore.
Tata Steel Europe is seeking buyers for its five non-core business units that supply products to niche markets.
During the year, the company's U.S. plate and pipe mill operation turned around, generating a positive EBIDTA, gaining from tariffs imposed on steel imports by the Trump administration. 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. "We have also received CCI approval for this transaction", he said.
The companys scrip closed at Rs 336.65, up 0.87 per cent on the BSE, against 0.44 per cent decline in the benchmark.