Revenue of Tata Steel India, however, declined to Rs 16,280.95 crore during the quarter under review against Rs 17,113.13 crore in the same period previous year.
"Looking at the domestic demand growth, we see a shortage of steel if we dont expand in the next two years", JSW Steel joint managing director and group chief financial officer Seshagiri Rao told reporters here while announcing nearly two-fold rise in consolidated net profit to Rs 2,879 crore in the March quarter, against Rs 1,008 crore in the year-ago quarter. "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. The India operations was impacted due to a blast furnace outage at its Kalinganagar plant.
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"The UK pension scheme restructuring process has also been completed".
Commenting on the result, TV Narendran, CEO & MD said: "Tata Steel performance has been robust in FY18 driven by our strong execution strategy and supported by favourable global demand-supply balance".
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He said growth was broad-based across marketing segments and added that Tata Steel Europe had a good quarter despite currency headwinds. 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.
JSW Steel ended at Rs 336.65, up Rs 2.90, or 0.87 percent on the BSE. It was Rs925.03 crore in the year-ago period.
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