Tata Steel has reported a 112.76 percent year-on-year rise in consolidated net profit at 1,954.02 crore for the quarter ended June 30. The company had posted a profit of 918.40 crore in the same quarter last year.
Analysts had projected a profit of 2,725 crore.
Consolidated revenues from operations increased to 37,832.79 crore for the quarter under review as against 30,973.33 crore in the same period last year.
The company reported an EBITDA of 6,559 crore for the quarter against 6,579 crore in the year ago quarter. Consolidated EBITDA margins came in at 17.3 percent for the quarter under review.
The company said the liquidity position of the group remains robust with approximately 24,984 crore comprising of 13,086 crore in cash and cash equivalents and 11,899 crore in undrawn bank lines. The capital expenditure for the June quarter stood at 1,931 crore.
“Tata Steel delivered strong performance on the back of strong steel demand and buoyant spreads. India domestic deliveries grew by 14 percent y-o-y, significantly higher than the market, which saw a 9 percent growth. All verticals saw strong growth, with our automotive and branded products segments contributing 19 percent and 33 percent of total volumes, respectively,” said T V Narendran, CEO & Managing Director.
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