Tata Steel back in black, posts Rs 1,018 crore net profit in Q2

BT Online        Last Updated: October 30, 2017  | 20:22 IST
Tata Steel back in black, posts Rs 1,018 crore net profit in Q2

Tata Steel on Monday posted a consolidated net profit of Rs 1,018 crore for the quarter ended September 30, 2017. The company had reported a consolidated net loss of Rs 49.38 crore in the July-September quarter a year ago, Tata Steel said in a filing to the BSE.

Total income during the second quarter increased to Rs 32,717.35 crore as against Rs 27,228.50 crore in the year-ago period.

During July-September 2017, total expenses of the company were also higher at Rs 30,566.68 crore as compared to Rs 26,866.49 crore a year ago.

Shares of Tata Steel today closed 1.03 per cent lower at Rs 718.80 apiece on the BSE.

Deliveries from India operations grew 17 per cent year-on-year to 3.08 million tonnes in the quarter despite subdued market conditions. Wider product range enabled entry into new segments.

Consolidated quarterly total steel deliveries were up 15 percent to 6.45 million tonnes, with Indian deliveries contributing about 48 percent of the total.

During the quarter finished steel demand grew by just 4 per cent QoQ - primarily due to subdued demand driven by the GST related issues, slower economic activity, Tata Steel said in a BSE filing.

In September, Tata Steel and Thyssenkrupp announced plans to merge their European steelmaking operations. The JV would have 42,000 employees.

The companies said last month the deal would help tackle over-capacity in Europe's steel market, which faces cheap imports, subdued construction demand and inefficient legacy plants.

with agencies inputs

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