Latest news with #BhushanPowerandSteel
Business Standard
24-05-2025
- Business
- Business Standard
JSW Steel Q4 PAT rises 16% YoY to Rs 1,503 cr
JSW Steel reported a 15.7% year-on-year (YoY) increase in consolidated net profit to Rs 1,503 crore for the quarter ended 31 March 2025, compared to Rs 1,299 crore in the corresponding period last year. The growth in profit came despite a 3.13% year-on-year decline in revenue from operations, which stood at Rs 44,819 crore during the quarter. Profit before exceptional items and tax stood at Rs 1,774 crore, down from Rs 2,012 crore in the year-ago quarter. The company reported exceptional items of Rs 44 crore for the period under review. EBITDA stood at Rs 6,378 crore in Q4 FY25, registering a growth of 4.15%, compared with Rs 6,124 crore in Q4 FY24. The EBITDA margin improved to 14.2%, aided by increased sales volumes and lower coking coal costs. Consolidated crude steel production for the quarter stood at 7.63 million tonnes, higher by 12% YoY and 9% QoQ. Capacity utilization at the Indian operations was 93% during the quarter. Steel sales for the quarter stood at 7.49 million tonnes, higher by 11% YoY and 12% QoQ. Domestic sales were 6.72 million tonnes, up 30% YoY and 12% QoQ. The institutional sales volumes increased 33% YoY and 11% QoQ, while retail sales increased 25% YoY and 15% QoQ. Exports were stable QoQ at 8% of sales from the Indian operations. For the full fiscal year FY25, the company reported consolidated crude steel production of 27.79 million tonnes and sales of 26.45 million tonnes, achieving the revised guidance issued in Q3 FY25. Net debt stood at Rs 76,563 crore as of March 31, 2025, down Rs 4,358 crore from 31 December 2024, driven by strong cash flows, working capital release, and disciplined capital expenditure. Net gearing improved to 0.94x from 1.00x in the previous quarter. Subsidiary Bhushan Power and Steel (BPSL) reported crude steel production of 0.98 million tonnes and sales of 0.94 million tonnes during the quarter. Revenue from operations came in at Rs 5,635 crore, while EBITDA rose 5% QoQ to Rs 570 crore, supported by higher volumes and reduced input costs. BPSL posted a net profit of Rs 42 crore for the quarter. Meanwhile, the board of directors recommended a dividend of Rs 2.80 per fully paid-up equity share of Rs 1 each for the year ended 31 March 2025. The record date for the dividend has been fixed as 8 July 2025. Additionally, the board approved the raising of long-term funds of up to Rs 14,000 crore. This includes Rs 7,000 crore via non-convertible debentures (NCDs) and another Rs 7,000 crore through equity shares or convertible instruments. Subject to regulatory approvals and market conditions, the board also cleared the issuance of secured/unsecured, redeemable NCDs not exceeding Rs 5,000 crore. JSW Steel, the flagship business of the diversified JSW Group, is India's leading integrated steel company. Shares of Ashok Leyland rose 0.29% to end at Rs 1,008.50 on Friday, 23 May 2025.
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Business Standard
20-05-2025
- Politics
- Business Standard
Best of BS Opinion: Patching roads, not rerouting paths
Have you ever noticed there's a kind of optimism in repair work? The street is cracked, the foundation crumbles. The older cement pieces long gave way, cracked, uneven, almost forgotten. But someone is out there laying new bricks, hopeful that the next layer will hold. Today's stories speak to that quiet but persistent hope, of fixing broken systems, salvaging old promises, and forging ahead on damaged ground. Whether in politics, trade, law, or narrative, the road forward is uneven but we need to build anyway. Let's dive in. Take Bangladesh. In the name of reform, its interim government is simply laying old bricks with new slogans. Mohammed Yunus's regime, born out of street protests against Sheikh Hasina, is now banning her party and splintering the democratic space even further. The economy teeters as investor confidence shrinks and India slams the trade door shut. And yet, New Delhi's own diplomacy has been marked by inconsistency, first embracing Hasina's iron grip, now sulking in silence, highlights our first editorial. Rebuilding trust will take more than strategic silence; it'll need a path paved with honesty, accountability, and open dialogue. Closer home, a university professor is under arrest for suggesting that we match symbolic applause with real protections. Ali Khan Mahmudabad's case exposes how easily our institutions treat cautionary critique as hostility, notes our second editorial. The irony? His words about unity have been twisted into grounds for criminal charges, while louder, divisive voices walk free. In the government's zeal to control the narrative, it has cracked the very bricks it claims to protect. Meanwhile, India's trade tools are turning on their own. As Laveesh Bhandari writes, Quality Control Orders, designed to filter out subpar imports, are becoming stealth weapons against competition. Rather than lifting domestic capability, they're shielding big players, bruising small ones, and denying consumers the variety and affordability they deserve. And if we peek into insolvency law, the cracks run deep. Rajeswari Sengupta unpacks the Bhushan Power and Steel case, where the Supreme Court's liquidation order has thrown five years of resolution into the bin. Instead of building faith in the system, institutional lapses have left investors watching their bricks crumble. Even storytelling isn't immune. Chintan Girish Modi's review of The Storypreneur's Playbook by Nitin Babel and Prateek Roy Chowdhury, offers a hero's journey for entrepreneurs, but one where most of the heroes are men, and the path feels too clean, too narrow, for today's complex terrain.
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Business Standard
14-05-2025
- Business
- Business Standard
Finality of biz transactions: How delays undermined the Bhushan resolution
Court ordered the liquidation of BPS, which had been successfully rescued under the IBC in 2019 with the approval of relevant market participants and layers of state agencies M S Sahoo Mumbai Listen to This Article On May 2, the Supreme Court disposed of an appeal filed five years earlier concerning the resolution of Bhushan Power and Steel (BPS) under the Insolvency and Bankruptcy Code, 2016 (IBC). It delivered a detailed, fact-intensive judgment marked by clinical precision. The judgment exposes a series of illegalities and lapses — some deliberate and collusive — including those that occurred after the appeal was admitted, during the approval and implementation of the company's resolution plan. The judgment documents serious failings on the part of the resolution professional (RP), the successful resolution applicant (RA), the committee of creditors (CoC), the National
Economic Times
11-05-2025
- Business
- Economic Times
Finmin asks banks to strengthen legal recovery processes
The finance ministry is pushing banks to tighten legal recovery processes by reviewing advocates, streamlining case allocation, and reconciling settled cases. This directive follows concerns raised by the Supreme Court regarding the Bhushan Power and Steel acquisition. Banks are urged to expedite resolutions, minimize delays in NCLT filings, and actively pursue the vacation of stay orders to resume stalled processes. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The finance ministry has directed banks to further strengthen legal recovery processes, including doing periodic reviews of empanelled advocates, rationalising case allocation, and reconciling settled cases in recovery tribunals."Banks have been told to ensure that there are no delays and put in place effective monitoring and oversight mechanisms for efficient management of all cases, including those pending in the courts," said a government official, requesting ministry's directive comes at a time when banks are still to work out their strategies on the Supreme Court verdict scrapping JSW Steel 's ₹19,350-crore acquisition of Bhushan Power and Steel (BPSL) four years ago. The top court had observed that contradictory stands taken by the committee of creditors, or CoC, at various stages of proceedings clearly proved that it had played foul and not exercised its commercial wisdom in the interest of the government is inclined to back banks to explore all legal options, it wants them to plug the loopholes to avoid any further similar instances."The performance of advocates also needs to be assessed and accordingly rationalised in the assignment of cases," the official cited above said, adding that the idea is to continuously monitor and reduce pendency at various stages.A bank executive said lenders have also started to reconcile cases that are pending in debt recovery tribunals and DRATs but have already been settled."Different approaches will be pursued for small and high-value cases pending in DRTs so that resources are not spread and maximum recovery is achieved," he week, financial services secretary M Nagaraju chaired a review meeting to monitor the progress of PSBs in clearing pending cases for admission at the National Company Law Tribunal (NCLT).In a statement, the finance ministry noted that banks were advised to expedite the resolution process by minimising delays in filing CIRP applications, avoiding asking for unnecessary adjournments, and simultaneously keeping other channels of recovery open."The Advocates of the Banks should oppose any attempts to delay proceedings on frivolous grounds by the opposing parties," it said, adding banks were urged to review their top 20 cases regularly and also monitor accounts where resolution plans are pending for consideration with the CoC for more than three government further directed banks to focus on getting stay orders vacated so as to resume the resolution process without further loss of time.
Time of India
11-05-2025
- Business
- Time of India
Finmin asks banks to strengthen legal recovery processes
The finance ministry is pushing banks to tighten legal recovery processes by reviewing advocates, streamlining case allocation, and reconciling settled cases. This directive follows concerns raised by the Supreme Court regarding the Bhushan Power and Steel acquisition. Banks are urged to expedite resolutions, minimize delays in NCLT filings, and actively pursue the vacation of stay orders to resume stalled processes. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The finance ministry has directed banks to further strengthen legal recovery processes, including doing periodic reviews of empanelled advocates, rationalising case allocation, and reconciling settled cases in recovery tribunals."Banks have been told to ensure that there are no delays and put in place effective monitoring and oversight mechanisms for efficient management of all cases, including those pending in the courts," said a government official, requesting ministry's directive comes at a time when banks are still to work out their strategies on the Supreme Court verdict scrapping JSW Steel 's ₹19,350-crore acquisition of Bhushan Power and Steel (BPSL) four years ago. The top court had observed that contradictory stands taken by the committee of creditors, or CoC, at various stages of proceedings clearly proved that it had played foul and not exercised its commercial wisdom in the interest of the government is inclined to back banks to explore all legal options, it wants them to plug the loopholes to avoid any further similar instances."The performance of advocates also needs to be assessed and accordingly rationalised in the assignment of cases," the official cited above said, adding that the idea is to continuously monitor and reduce pendency at various stages.A bank executive said lenders have also started to reconcile cases that are pending in debt recovery tribunals and DRATs but have already been settled."Different approaches will be pursued for small and high-value cases pending in DRTs so that resources are not spread and maximum recovery is achieved," he week, financial services secretary M Nagaraju chaired a review meeting to monitor the progress of PSBs in clearing pending cases for admission at the National Company Law Tribunal (NCLT).In a statement, the finance ministry noted that banks were advised to expedite the resolution process by minimising delays in filing CIRP applications, avoiding asking for unnecessary adjournments, and simultaneously keeping other channels of recovery open."The Advocates of the Banks should oppose any attempts to delay proceedings on frivolous grounds by the opposing parties," it said, adding banks were urged to review their top 20 cases regularly and also monitor accounts where resolution plans are pending for consideration with the CoC for more than three government further directed banks to focus on getting stay orders vacated so as to resume the resolution process without further loss of time.
