Tata Steel profit rises 5-fold in Dec quarter
NEW DELHI: Tata Steel on Friday reported five- fold rise in consolidated net profit to ₹1,135.92 crore for the third quarter ended December 31.
The company had posted consolidated net profit of ₹231.90 crore in the corresponding quarter of previous fiscal, it said in a BSE filing.
The consolidated income during October-December quarter increased to ₹33,672.48 crore, from ₹29,154.75 crore in the yearago period.
Over the last nine months, Tata Steel delivered strong consolidated operational performance across geographies and the firm expects this momentum to continue as markets are expected to remain favourable, its CEO and MD T V Narendran said.
“Globally, steel prices have been buoyant with improved trade position in China along with cost push from raw materials...In India, we have witnessed strong volume growth across the verticals as well as an increase in realisations,” Narendran added.
The company’s focus on India, he said, continues as Tata Steel looks to expand its Kalinganagar site as well as pursue inorganic growth opportunities. The company, he said, is progressing well on the JV with Thyssenkrupp and “we are committed to building a long-term investment in strong European portfolio”.
The company’s executive director and CFO Koushik Chatterjee said that Tata Steel group revenues witnessed robust growth driven by improved volumes in India and stronger realisations across geographies, on the back of improvement in commodity prices.
Gross debt during the quarter has come down by ₹1,658 crore mainly due to repayments and forex impact, Chatterjee said, adding that the liquidity position of the group remains very robust with ₹22,544 crore in cash and cash equivalents and undrawn bank lines.