Tata Steel has reported a consolidated net profit of ₹4,011 crore in the December quarter against net loss of ₹1,229 crore logged in the same period last year, largely due to lower cost and higher realisation.

Revenue from operations was up 12 per cent at ₹38,806 crore (₹34,774 crore). Total expenses were down five per cent at ₹34,183 crore (₹35,850 crore).

Production of the company was up at 7.20 million tonnes (6.99 mt) while sales were down at 6.88 mt (7.31 mt). Ebitda per tonne more than doubled to ₹13,876 against ₹5,003.

Gross debt was reduced to ₹1.08-lakh crore from ₹1.16-lakh crore in the March quarter.

On a standalone basis, net profit jumped to ₹3,615 crore (₹1,804 crore) while revenue increased to ₹17,966 crore (₹15,262 crore). Ebitda zoomed to ₹20,175 per tonne (₹11,059 a tonne).

Following the termination of the discussions with SSAB, the company said it is in the process of separating Tata Steel Netherlands and Tata Steel UK for making the operations sustainable.

Tata Steel has made the first and final call of ₹461 per partly paid-up equity share on 7.76 crore outstanding partly paid-up equity shares, which was issued on rights basis to raise ₹12,800-crore in January 2018.

The board has fixed February 19 as the Record Date to determine the holders of partly paid-up equity shares to whom the call notice will be dispatched for payment. The payment has to be made between March 1 and 15.

TV Narendran, Managing Director, Tata Steel, said the recovery in the global and Indian economy has led to sharp improvement in steel demand in India.

The company is also making progress on various initiatives to de-risk the business while using digital marketing platforms to reach new markets and be future ready.

The investments in infrastructure and recent policy developments, to drive economic growth, should drive steel demand in India.

In Europe, he said the underlying performance has improved while the reported EBIDTA was negatively impacted by few one offs.

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