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Steel News February 11, 2019 08:30:11 AM

Tata Steel Ltd. Net Profit Surged 76.5% in Third Quarter of FY19

Paul Ploumis
ScrapMonster Author
The company press release noted that the acquisition of Usha Martin’s steel business through its subsidiary is under progress and is expected to close in fourth quarter of Fiscal 2019.
Tata Steel Ltd. Net Profit Surged 76.5% in Third Quarter of FY19

SEATTLE (Scrap Monster): Tata Steel reported financial results for the third quarter and the nine-month period ended Dec ember 31, 2018. The company reported huge surge in quarterly profits, aided by earnings boost on account of increased capacity from key acquisitions. The net profit surged 76.5% in Q3 ’18 over the previous year to total Rs. 2,284.1 crore. Revenue increased by more than 23% to total Rs. 41,220 crore. Operating profits jumped higher by 18% to Rs. 6,723.4 crore.

According to company press release, the India steel production grew by 34% year-on-year to 4.38 million tonnes (Mt) during the quarter. The company continued to increase its market share in key segments. Products and Projects segment sales registered highest year-on-year growth of 29%, followed by automotive segment which recorded 24% growth over the corresponding quarter a year before.

The company press release noted that the acquisition of Usha Martin’s steel business through its subsidiary is under progress and is expected to close in fourth quarter of Fiscal 2019. The Kalinganagar Phase II expansion project is on schedule, it said.

Mr. T V Narendran, CEO & Managing Director noted that the company maintained its overall realizations and significantly boosted its volumes in the country, despite notable decline in international steel prices during the quarter. The company will continue to focus on ramping up production and boosting operational performance by minimizing environmental impacts, he added.