The firm reported a 186 per cent jump in net profit at Rs 2,879 crore for the quarter ended March over a 16 per cent increase in total income at Rs 20,817 crore.
The company's consolidated net profit stood at Rs 2,879 crore, up from Rs 1,008 crore in the same period previous year.
Total revenue from operations rose 16.2 percent to 208.17 billion rupees and the steelmaker also said it achieved record crude steel production in the quarter at 4.31 million tonnes, up 5 percent year on year. "During the year, our Indian operations delivered volume growth better than the market on the back of the ramp-up at our Kalinganagar plant and the strength of our marketing network and brand equity". The issue has been resolved and the plant is now running at full capacity, said managing director T V Narendran. "Growth was broad-based across our marketing segments". 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.
He said the company is awaiting NCLT approval for Monnet Ispat and Energy (MIEL) acquisition.
On the steel outlook, he said the company is closely watching the developments in global steel trade because of US' protectionist measures and added, "However, we continue to be bullish on steel prices and spreads with improving demand situation in India".
The companys scrip closed at Rs 336.65, up 0.87 per cent on the BSE, against 0.44 per cent decline in the benchmark.
During the year, the company's U.S. plate and pipe mill operation turned around, generating a positive EBIDTA, gaining from tariffs imposed on steel imports by the Trump administration.