Tata Steel on Friday reported a 54.33 per cent jump in consolidated net profit to Rs 1,753.07 crore during the quarter ended December 31, 2019, helped by higher income.
The company had posted a net profit of Rs 1,135.92-crore for the same quarter a year ago. Total income on a consolidated basis jumped to Rs 41,431.37 crore during October-December 2018, from Rs 33,672.48 crore in the year-ago quarter, the company said.
Total expenses during the quarter were at Rs 38,362.03 crore against Rs 30,552.03 crore in the corresponding period of the previous fiscal.
Tata Steel CEO and managing director T.V. Narendran said: “Tata Steel is committed to growing its India footprint while focusing on benchmark operational performance, superior market presence, strong customer relationships and sustainability.”
Despite a sharp drop in international prices, the company was able to maintain overall realisations and increased volumes significantly in India.
The integration of Tata Steel BSL continues and the company’s 5MTPA expansion at Tata Steel Kalinganagar is also making good progress.
“We are also looking forward to enhancing our long products and downstream capability through the acquisition of the 1MTPA steel business of Usha Martin.”
The phase II review of the Tata Steel Europe-ThyssenKrupp JV is ongoing and “we are closely working with the European Commission to facilitate the same” .
