Tata Steel Back in the Black with 232-cr Net

Strong per­for­mance in home mar­ket helps co beat street es­ti­mates in Q3

The Economic Times - - Companies: Pursuit Of Profit - Rakhi.Mazum­dar@ times­group.com

Kolkata: Tata Steel bounced back to the black in the third quar­ter with a bet­ter-than-ex­pected con­sol­i­dated net profit of .₹ 232 crore, led by strong per­for­mance at the home mar­ket in In­dia.

An­a­lysts in a Reuters poll were on av­er­age ex­pect­ing a profit of .₹ 174 crore for the Oc­to­ber-De­cem­ber quar­ter. A year ear­lier, it had posted a .₹ 2,748 crore loss. Con­sol­i­dated turnover rose 14% to .₹ 29,392 crore. On a stand­alone ba­sis, Tata Steel’s net profit jumped more than four-fold to .₹ 1,205 crore from .₹ 298 crore a year ear­lier, on the back of higher steel sales and ex­pan­sion in au­to­mo­tive steels busi­ness. “While the broader mar­ket was af­fected by lower ru­ral sales and ad­verse con­sumer sen­ti­ments, we were able to in­crease over­all vol­umes by 14% se­quen­tially and reg­is­ter strong growth across all our cus­tomer seg­ments,” man­ag­ing direc­tor for In­dia and Southeast Asia TV Naren­dran said. Fo­cus on cost im­prove­ment and in­te­grated op­er­a­tions helped the com­pany con­tain the im­pact of ris­ing raw ma­te­rial prices, he added.

“The fi­nan­cial per­for­mance re­flects strong un­der­ly­ing oper­at­ing per­for­mance across the group in spite of a sea­son­ally slow quar­ter in Europe,” said Koushik Chat­ter­jee, its group ex­ec­u­tive direc­tor for fi­nance and cor­po­rate.

Ahead of the re­sults an­nounce­ment, shares closed 0.14% higher at .₹ 473.25 on the BSE.

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