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

JSW Steel, the largest steelmaker in India, reported almost 3-fold increase in its Q4 net profit at Rs 2879 crore, YoY.

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.

Meanwhile, the total income of the company increased by 16 per cent to Rs 20,862 crore in the March quarter, against Rs 17,973 crore in the same quarter a year ago. The India operations was impacted due to a blast furnace outage at its Kalinganagar plant. "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.

Tata Steel Europe is seeking buyers for its five non-core business units that supply products to niche markets.

Tata Steel may well become the first company to complete the process of acquiring debt-ridden Bhushan Steel under the Insolvency and Bankruptcy Code (IBC) with the National Company Law Tribunal (NCLT) clearing its resolution plan on Tuesday.

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. "We have also received CCI approval for this transaction", he said.

The board of the company recommended a divided of Rs 10 per ordinary share of on face value of Rs 10 each and Rs 2.50 per partly paid ordinary share of Rs 10 each for the financial year 2017-18.

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