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Tata Steel posted consolidated revenue of ₹29,305 crore and operating profit of ₹1,831 crore in the latest September quarter. But it was yet another disappointing quarter — the fifth consecutive three-month period of decline. Revenue fell 18 per cent and operating profit almost halved, year-on-year. Operating profit from the Indian business shrank 40 per cent to ₹1,861 crore during this period. And in Europe, in a reversal from the past, the business turned loss-making.
Weak demand in Europe and India, coupled with the surge in steel imports into these countries, has been hurting Tata Steel. Rising 30 per cent year-on-year, imports into India rose to 3.2 million tonnes in the September quarter.
Sale of investments and lower taxes than in the past, though, came to Tata Steel’s rescue, bumping up its net profit 22 per cent to ₹1,529 crore.
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