Tata Steel back in black in Q3
12 Feb 2014 6:13 AM IST
The company, however, said market conditions continue to be challenging in all geographies. Tata Steel had clocked Rs 763.06 crore net loss in the October-December quarter last fiscal.
However, it had logged Rs 917 crore net profit in the July-September 2013 quarter. Total income of the company in the third quarter of this fiscal rose 14 per cent to Rs 36,736 crore from Rs 32,107 crore on higher sales, which stood at 6.83 million tonnes (MT) from 5.83 MT a year earlier. Sales from Indian operations stood at 2.07 MT while it went up to 3.19 MT in Europe from 3.02 MT a year ago. It sold 1.09 MT steel from its operations in South East Asia.
‘The market conditions continue to be challenging in all geographies with contracted spreads between steel realisations and raw material prices,’ said Koushik Chatterjee, group executive director (Finance and Corporate), in a statement.
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) of its Indian operations improved to Rs 3,131 crore from Rs 2,525 crore a year ago. It also increased in Europe to Rs 860 crore from a loss of Rs 428 crore in the year-ago period.
Tata Steel Managing Director (India & South-East Asia) T V Narendra said domestic steel markets continued to remain weak during the quarter with the economy and most of the steel consuming sectors facing severe headwinds.
However, it had logged Rs 917 crore net profit in the July-September 2013 quarter. Total income of the company in the third quarter of this fiscal rose 14 per cent to Rs 36,736 crore from Rs 32,107 crore on higher sales, which stood at 6.83 million tonnes (MT) from 5.83 MT a year earlier. Sales from Indian operations stood at 2.07 MT while it went up to 3.19 MT in Europe from 3.02 MT a year ago. It sold 1.09 MT steel from its operations in South East Asia.
‘The market conditions continue to be challenging in all geographies with contracted spreads between steel realisations and raw material prices,’ said Koushik Chatterjee, group executive director (Finance and Corporate), in a statement.
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) of its Indian operations improved to Rs 3,131 crore from Rs 2,525 crore a year ago. It also increased in Europe to Rs 860 crore from a loss of Rs 428 crore in the year-ago period.
Tata Steel Managing Director (India & South-East Asia) T V Narendra said domestic steel markets continued to remain weak during the quarter with the economy and most of the steel consuming sectors facing severe headwinds.
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