Analysts expected the company to report a consolidated net income of Rs 3,458.5 against a consolidated sales of Rs 38,909.
The company reported a record high quarterly consolidated operating profit of Rs 9,540. This was a 2.6-fold increase over the same period last year. The Indian business reported a December quarter operating profit increase of 2.14 times to Rs 8,811.
According to the company, good performance in India is due to rising prices, improved product mix, reduced exports and efforts to improve operational efficiency. This is equivalent to an operating profit of Rs 18,931 per ton and an EBITDA margin of 34.9%.
Tata Steel’s independent business reported operating profit of Rs 6,737, up 78% year-on-year, an additional quarter of its strong performance. The operating profit per ton of the independent business was 20,175 rupees, but the operating profit margin was 37.5%.
Tata Steel said it will focus on performance and cash flow for the time being regarding SSAB’s withdrawal from negotiations to acquire the IJmuiden plant. “Tata Steel is committed to reaching a strategic and sustainable solution for our European portfolio,” the company said in its earnings announcement.
Tata Steel said it cut its debt by Rs 10,325 in the December quarter and reduced its debt by Rs 18,609 in the nine months to December.
“India’s steel demand has improved exponentially due to the recovery of the global and Indian economies, said TV Nardran, Chief Executive Officer and Managing Director of Tata Steel.
Koushik Chatterjee, Chief Financial Officer of Tata Steel, said the company will reduce its total debt by an additional Rs. 12,000 in the March quarter.
Tata Steel Ltd. : Tata Steel Q3 Results: The company reported a net profit of Rs 3,989, which is above the estimate.Revenue up 11%
https://economictimes.indiatimes.com/markets/stocks/earnings/tata-steel-q3-results-reports-net-profit-of-rs-3989-cr-beats-estimates-revenue-rises-11/articleshow/80770929.cms Tata Steel Ltd. : Tata Steel Q3 Results: The company reported a net profit of Rs 3,989, which is above the estimate.Revenue up 11%