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Tata Steel Q3 consolidated net surges over five-fold to Rs 12.9 bn

Consolidated revenue from operations rose 15% to Rs 334.4 bn; the company also incurred exceptional charges of Rs 11.15 bn

Reuters 

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Tata Steel Ltd on Friday posted a five-fold rise in third-quarter profit, boosted by strong volume growth in India and increasing steel prices. "Global steel prices have been buoyant with improved trade position in China along with cost push from raw materials," Chief Executive Officer said. Quarterly total steel deliveries climbed about 8% to 6.56 million tons, with Indian deliveries contributing about 50% of the total. Total grew 15% to Rs 334.47 billion, with revenue from Indian operations up 22%. For the quarter ended Dec. 31, profit was Rs 12.94 billion, compared with Rs 2.43 billion in the same period a year earlier, the steelmaker said in a statement. Analysts on average had expected a profit of Rs 13.92 billion, according to Thomson Reuters data. The company also incurred of Rs 11.15 billion on provisions in respect of certain demands and claims from regulatory authorities in India. Shares of the company ended 2.06% higher in a Mumbai market that ended 1.1% lower..

First Published: Fri, February 09 2018. 17:37 IST
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