Tata Steel's consolidated net loss narrowed to Rs 1,168.02 crore for the quarter ended on March 31, 2017, from Rs 3,041.88 crore posted a year ago on the back of higher revenue from Indian as well as European operations.
Consolidated operating profit of the company was in excess of Rs 17,000 crore for the fiscal year 2017, which is the highest in the last six years.
“This is on the back of 1,200 basis points of expansion of EBITDA in the fourth quarter compared to the previous year, of which 600 basis points expansion was in India and 1,600 basis points in Europe,” said Koushik Chatterjee, group executive director (finance and corporate).
Tata Steel’s revenue from Indian operations increased 45% to Rs 17,113 crore in the fourth quarter over the year-ago period. Net profit from the Indian operations almost trebled to Rs 1,414 crore in the fourth quarter against Rs 520 crore a year ago.
Revenue from its European operations rose 17% to Rs 15,243 crore in the fourth quarter over the year-ago period.
He said the ongoing transformation programme in the UK, improvements in India and the Netherlands contributed to the strong underlying performance. Market support and favourable currencies also helped the business to achieve this significantly improved performance.
According to the announcement made on Tuesday, the capital expenditure was lower than planned due to prioritisation of capex programme apart from being able to keep debt stable despite price-related impact on working capital.
In a regulatory filing, T V Narendran, managing director, Tata Steel India and South East Asia, said, “Tata Steel continued to outperform the market in this quarter as well. We recorded robust sales across all our target segments and our overall volumes stood at 3.21 million tonne, which was higher 7% sequentially. Further, our focus on cost improvement initiatives and our integrated operations helped us to contain the impact of rising raw material prices.”
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- Ongoing transformation programme in the UK, improvements in India contributed to the performance
- Market support, favourable currencies also helped achieve this significantly improved performance
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Tata Steel’s revenue from Indian operations increased 45% to Rs 17,113 crore in the fourth quarter over the year-ago period. Net profit from the Indian operations almost trebled to Rs 1,414 crore in the fourth quarter against Rs 520 crore a year ago.
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