India's Tata Steel profit lifted by one-off United Kingdom pension gain

Daniel Fowler
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.

Meanwhile, the company reported a net profit of Rs 14,688 crore as against a loss of Rs 1,168 crore the corresponding quarter a year ago. 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.

The company recorded an exceptional charge of Rs 11,376 crore in the fourth quarter of fiscal 2018, which included a non-cash gain of Rs 14,077 crore on account of the restructuring of its United Kingdom pension scheme. The India operations was impacted due to a blast furnace outage at its Kalinganagar plant.

The Bhushan Steel lenders have a 12% stake in the company and there are around 5,000 employees, who "will be taken on board, as per the resolution plan given by us", said T V Narendran, chief executive officer and managing director of Tata Steel.

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"The UK pension scheme restructuring process has also been completed".

He said growth was broad-based across marketing segments and added that Tata Steel Europe had a good quarter despite currency headwinds. "The 50:50 JV discussion with thyssenkrupp is progressing well", he said. It sold 15.62 million tonnes of steel in 2017-18 compared with 14.77 million tonnes in the previous fiscal, representing a 6 per cent rise.

With the company already spending about Rs 4,700 crore in FY18, it plans to spend the balance Rs 39,715 crore over the next three years, according to him.

Shares of JK Lakshmi Cement settled at Rs383.10 on BSE, up 0.04% from previous close.

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