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

Galtero Lara
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.

Apart from increasing capacity of Vijaynagar plant by 1mt and Dolvi unit by 0.7mt to reach 24.7mt capacity by 2020, JSW will set up two coke oven plants of 1.5mt each and a pellet plant of 8mt.

The company had reported net profit at Rs 1008 crore in the quarter ended March 2017.

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

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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.

The domestic steel demand grew at a healthy rate of 8 per cent in the March quarter, however, imports remained at elevated levels in FY18, indicating that the trade remedial measures in place are ineffective, he said.

Revenue of the company jumped 16 percent to Rs 20817 crore against Rs 17917 crore.

JSW Steel is a part of the diversified JSW Group, which has presence in steel, energy, infrastructure, cement and JSW Ventures.

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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