Tata Steel reported a consolidated net profit of ₹3,989 crore for the quarter ended in December, on the back of strong performance of the India business.
The steel major posted a consolidated net loss of Rs 1,228.53 crore for the corresponding quarter last year. The revenue rose 11% year-on-year to Rs 39,594 crore for the quarter under review.
During the October-December period of the current fiscal, its total income rose to Rs 39,809.05 crore from Rs 35,136.33 crore a year ago.
Its expenses were at Rs 34,183.18 crore, lower from Rs 35,849.92 crore in October-December 2019-20.
“Tata Steel’s India business achieved the highest ever quarterly EBITDA of Rs 8,811 crores; driven by higher prices, better product mix, lower exports and operating”.
Commenting on the results, Tata Steel CEO and Managing Director T V Narendran said steel demand saw a sharp improvement in India during the quarter, and the company pivoted its deliveries to domestic markets to cater to the requirements of local customers by reducing exports.
“In Europe, our underlying performance has improved quarter on quarter while the reported EBIDTA was negatively impacted by few one offs. We remain committed to arrive at a strategic and sustainable solution for Tata Steel Europe, though in the immediate term, we will focus upon business performance and cash flows,” he added.
