The company had reported net profit at Rs 1008 crore in the quarter ended March 2017.
The overall estimated capex plan of Rs 26,815 crore announced a year ago is expected to be enhanced by Rs 17,600 crore to implement new projects, Rao said, adding, "Overall, the company is now implementing a cumulative capex pipeline of Rs 44,415 crore by March 2020".
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.
A Reuters poll of 10 analysts estimated the company to report a consolidated net profit of Rs 1,893 crore and revenue to increase to Rs 19,556 crore.
T V Narendran, chief executive officer and managing director of the company, said, "Tata Steel performance has been robust in FY18 driven by our strong execution strategy and supported by favourable global demand-supply balance".
"The UK pension scheme restructuring process has also been completed". "The 50:50 JV discussion with thyssenkrupp is progressing well", he said.
He added that the company continues to execute its strategy of expanding footprint in India.
JSW Steel is a leading integrated steel company in India with an installed steel-making capacity of 18 million tonne per annum (MTPA). Its resolution proposal is now pending approval by the National Company Law Tribunal.
"We have made a decision to expand our capacity from 18 mt (million tonne) to 24.7 mt, which includes addition of one mt at Vijaynagar and 0.67 mt at Dolvi unit, and also expand our downstream projects by 2020", he said. "We completed two large financing transactions, which apart from providing funds also gives us significant flexibility to pursue our growth plans". Our $1.3 bn global bond issue in January 2018 helped us extend our maturity profile.
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.