8 February 2019: Tata Steel on Friday reported 54.31 per cent year-on-year (YoY) rise in profit at Rs 1,753 crore for December quarter, which fell short of Rs 2,289 crore net estimated by analysts in an ET Now poll.
The company had posted Rs 1,136 crore profit in the similar period last year.
Consolidated revenue for the quarter jumped 23 per cent YoY to Rs 41,220 crore, with India sales rising 41 per cent to Rs 22,063 crore, the company said in a regulatory filing.
Consolidated adjusted Ebitda rose 27 per cent to Rs 7,225 crore compared with Rs 5,671 crore in the corresponding quarter last year.
The liquidity position of the group remained robust at Rs 19,320 crore comprising of Rs 8,549 crore in cash and cash equivalents and Rs 10,771 crore in undrawn bank lines, the company added.
Commenting on the results, CEO & Managing Director TV Narendran said: “Despite a sharp drop in international steel prices, we were able to maintain our overall realisations and increase our volumes significantly in India.
The integration of Tata Steel BSL continues and our 5 MTPA expansion at Kalinganagar is also making good progress. We are also looking forward to enhancing our long products and downstream capability through the acquisition of the 1 mtpa steel business of Usha Martin.”
In line with our strategy of divesting non-core assets and focusing on India, we have announced a divestment of a 70% stake in our SEA business and we continue to work on exploring similar opportunities across our portfolio, he added.
Categories: Indian Earnings