Tata Steel Q3 profit jumps over 54% to ₹1,753 crore
: Tata Steel on Friday reported a 54.33% jump in consolidated net profit to ₹1,753.07 crore during the quarter ended on December 31, 2019, helped by higher income.
The company had posted a net profit of ₹1,135.92-crore for the same quarter a year ago, according to a regulatory filing.
Total income on consolidated basis jumped to ₹41,431.37 crore during October-december 2018, from ₹33,672.48 crore in the year-ago quarter, the company said.
Its total expenses during the said quarter were at ₹38,362.03 crore as against ₹30,552.03 crore in the corresponding period of the previous fiscal.
In a statement, Tata Steel chief executive officer (CEO) and managing director TV Narendran said, “Tata Steel is committed to growing its India footprint while focusing on benchmark operational performance, superior market presence, strong customer relationships and sustainability.” Despite a sharp drop in international steel prices, the company was able to maintain overall realizations and increased volumes
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significantly in India, he said.
“We are also looking forward to enhancing our long products and downstream capability through the acquisition of the 1 MTPA steel business of Usha Martin,” Narendran said.
He further said that the phase I I r e vi e w o f t he Tata St e e l Europe-thyssenkrupp joint venture (JV) is ongoing and “we are closely working with the European commission to facilitate the same.”
Koushik Chatterjee, chief financial officer of Tata Steel said, “The short-term finance taken for Tata Steel BSL acqui- sition has been refinanced with l ong- t e r m l oans of ₹ 1 5 , 5 0 0 crore.” During the quarter under review, he said, Tata Steel Group generated operating cash flows of ₹4,150 crore and the liquidity position of the group remains strong at ₹19,320 crore, including ₹8,549 crores of cash and cash equivalents.
Total standalone i ncome increased by 10% to ₹17,759.85 crore in October-december 2018 from ₹15,777.96 crore in the year-ago quarter.
Shares of the company ended 3.70% down on Friday at ₹469.55 apiece on BSE.