Tata Steel recorded a 389.83 percent increase in consolidated net profit during the third quarter to ₹1,135.92 crore, against ₹231.90 crore in same period last year, led by higher production and sales volume in India and improved realisations, the company said in a BSE filing.
The company’s turnover for the third quarter of the current fiscal went up 15 percent to ₹33,446 crore, against ₹29,024 crore in the previous corresponding period.
EBIDTA in Q3 2017-18 stood at Ì€ 5,801 crore increasing by 59 percent year on year (y-o-y) as compared to ₹3647 crore during the same period last year.
In India, the company reported broad based steel sales, showing a 34 percent rise y-o-y and a 22 percent y-o-y growth in high end automotive steel sales. Branded products, retail solutions sales rose 7 percent and the engineering sub-segment saw double the growth from last fiscal.
“In India, we have witnessed strong volumes growth across verticals as well as an increase in realisations. Our European operations performance was marginally lower due to seasonal pressures as well as planned maintenance and upgrades designed to strengthen operations and our long-term capability,” TV Narendran, CEO, Tata Steel.
Sharing his near-term outlook, Narendran said, “Globally, steel prices have been buoyant with improved trade position in China along with cost push from raw materials. Over the past nine months, we delivered strong consolidated operational performance across geographies. We expect this momentum to continue as markets are expected to remain favourable.”
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