The country's largest and oldest private sector steel producer reported a consolidated net profit of Rs 2,430.92 crore for the quarter ended March 2019. Revenue for the quarter under review was at Rs 41,186 crore.
The fourth quarter's net profit cannot be compared with the corresponding quarter of the previous year as the company made an exceptional profit of Rs 10,152.99 crore, on account of the a non-cash gain due to restructuring of the UK pension scheme. Additionally, the consolidate Q4 net profit for FY 19 does not include NATSteel Holding and Tata Steel Thailand, which are classified as 'Assets Held For Sales.'
The consolidated revenue for March 2019 rose 25 percent to Rs 42,424 crore, from Rs 33,705 crore a year ago. Consolidated revenue climbed by 27 percent to Rs 1.57 trillion from Rs 1.24 trillion in March 2018.
In a statement to the stock exchanges, boards of Tata Steel and Tata Steel BSL (Bamnipal Steel) has proposed a merger. "The merger will drive operational synergies and efficiencies, reduce the regulatory burden and simplify the group structure. Both boards have relied on valuation reports and fairness opinions provided by independent experts, and recommend a merger ratio of 15 shares of Tata Steel BSL for every one share of Tata Steel. The merger is subject to shareholders and other regulatory approvals," the company said.
Shares of Tata Steel Limited were trading 6.28 percent higher in morning trade on Friday at Rs 542.80 apiece on NSE.