Bhushan Steel Posts Net Profit of Rs 2,104.3 Crore

Bhushan Steel Posts Net Profit of Rs 2,104.3 Crore

In May this year, Bhushan Steel — which has been acquired by Tata Steel under the insolvency process — had sought 90 days extension to file its audited financial results for the quarter and year ended March 31, 2018.

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Bhushan Steel Ltd reported a standalone net profit of Rs 2,104.3 Crore for the June 2018 quarter as against a net loss of Rs 1,486.13 crore in the year-ago period.

The company reported total revenue from operations at Rs 4,623.6 crore in the June 2018 quarter as compared to Rs 4,176.12 crore in the April-June 2017 quarter, it said in a BSE filing.

In May this year, Bhushan Steel — which has been acquired by Tata Steel under the insolvency process — had sought 90 days extension to file its audited financial results for the quarter and year ended March 31, 2018.

With this note, the stock market is expected to drive the action around the Bhushan Steel stocks. SENSEX and NIFTY are expected to showcase some action around this stock.

The filing submitted today showed the company had registered a standalone net loss of Rs 21,252.91 crore in the March 2018 quarter as against a net loss of Rs 1,607.06 crore in the year-ago period.

Its revenue from operations was at Rs 4,495.98 crore in the March 2018 quarter as against Rs 4,558.93 crore in the year-ago period.

The filing said the Board has “approved change in name of the company from Bhushan Steel Limited to Tata Steel BL Limited or such other name, as may be approved by the Registrar of Companies, Central Registration Centre, subject to the approval of the members of the Company and the Central Government”.

Tata Steel acquired 72.65 per cent in the debt-laden firm for Rs 158.89 crore and provided additional funds to the tune of Rs 35,073.69 crore to Bhushan Steel by way of debt/convertible debt.

The remaining 27.35 per cent of Bhushan Steel’s share capital will be held by Bhushan Steel’s existing shareholders and the financial creditors who received shares in exchange for the debt owed to them, the filing said.

“The funds received by Bhushan Steel as debt and equity have been used to settle the sustainable debts owed to the existing financial creditors of Bhushan Steel, CIRP costs and employee dues by payment of Rs 35232.58 crore,” it added.

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