India's JSW Steel posted record quarterly net profit on Wednesday, almost tripling from a year ago, largely beating market estimates thanks to higher commodity prices and spreads.
JSW Steel, the largest steelmaker in India, reported almost 3-fold increase in its Q4 net profit at Rs 2879 crore, YoY.More news: Rui Faria could be offered a huge job after leaving Manchester United
The Indian steelmaker on Wednesday reported an exceptional gain of 113.76 billion rupees in the quarter to the end of March, which included a non-cash gain of 140.77 billion rupees relating to the restructuring of its British pension scheme.
During the year, the company's USA plate and pipe mill operation turned around, generating a positive EBIDTA, gaining from tariffs imposed on steel imports by the Trump administration.More news: Deadpool Tries Out His Best Trump Jokes During Stephen Colbert's Monologue
India's largest private sector steel maker recorded its best ever annual performance with net profit climbing to Rs 6,113 crore in 2017-18, up 76 per cent from Rs 3,467 crore in the previous fiscal. 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. 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. "We have also received CCI approval for this transaction", he said.
JSW Steel is a part of the diversified JSW Group, which has presence in steel, energy, infrastructure, cement and JSW Ventures.More news: Mike Budenholzer hired as new head coach of Milwaukee Bucks
Ahead of the results, shares in JSW Steel closed with a gain of 0.6 percent.