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JSW Steel posts massive 18-fold hike in consol Q4 PAT at Rs 4,198 cr

Sajjan Jindal-led JSW Steel reported a lower-than-expected consolidated net profit attributable to the owners of the company at Rs 4,198 crore in the March quarter, as against a meager Rs 231 crore clocked in the corresponding period last year. The company’s top line in the period under review stood at Rs 26,456 crore, up 51 per cent from the same period last year lent support to the bottomline. The company’s saleable steel sales during the quarter were up 11 per cent year-on-year at 4.06 million tonne. Higher sales volumes up by 10 per cent year-on-year, higher value added steel volumes up 37 per cent year-on-year and increase in net sales realization of up 39 per cent year-on-year pushed up the topline.

United Spirits Q4 profit up four-fold to Rs 203 cr; net sales up 20%

Diageo-controlled liquor maker United Spirits Ltd on Friday reported a four-fold jump in consolidated net profit to Rs 203.3 crore for the fourth quarter ended March 2021, helped by double-digit growth in sales. The company had posted a net profit of Rs 49.3 crore in the January-March period a year ago, United Spirits Ltd (USL) said in a regulatory filing. Its revenue from operations was up 19.62 per cent to Rs 7,678.1 crore as against Rs 6,419 crore in the corresponding quarter of the previous fiscal. Diageo India outgoing MD and CEO Anand Kripalu said, "The growth momentum has returned, and our Q4 performance was strong on both topline and EBITDA. While overall net sales grew 11.6 per cent in Q4, strong Scotch performance contributed to the double-digit growth of 25.8 per cent in Prestige & Above segment."

'Misleading': JSW Steel denies reports on Liberty Steel assets buy

JSW Steel on Sunday denied reports of its interest in bidding to buy Sanjeev Gupta's Liberty Steel assets in Britain and mills elsewhere. "It is hereby clarified that such reports stating about the Company’s interest in bidding/buying Liberty Steel’s assets are not only speculative but also misleading and mischievous," the company said in a stock exchange filing. News reports claimed that JSW Steel is considering a bid to buy Liberty Steel in Britain as would-be buyers circle Sanjeev Gupta's global commodities empire.

India challenges $1.2 bn Cairn award, says never agreed on tax arbitration

India has challenged an international arbitration tribunal asking it to return $ 1.2 billion to UK's Cairn Energy Plc on grounds that it had never agreed to arbitrate over a "national tax dispute", the finance ministry said on Sunday. While the government appointed a judge on the three-member arbitration panel and fully participated in the proceedings against India seeking Rs 10,247 crore in back taxes from Cairn, the ministry said the tribunal "improperly exercised jurisdiction over a national tax dispute that the Republic of India never offered and/or agreed to arbitrate."

Amara Raja Batteries' Q4 net rises 38% to Rs 189 crore on robust sales

Amara Raja Batteries on Saturday said its consolidated net profit after tax rose by 38 per cent to Rs 189 crore for the fourth quarter ended March 2021 on the back of robust sales across business verticals. The company had reported a net profit after tax of Rs 137 crore for the January-March quarter of 2019-20. Net revenue from operations stood at Rs 2,103 crore as against Rs 1,581 crore in the fourth quarter of 2019-20, Amara Raja Batteries said in a statement. For the entire 2020-21 fiscal, the company posted a net profit after tax of Rs 647 crore as compared to Rs 661 crore in FY20.

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