Tata Steel garners Rs 921 crore in net profit for Q1

Tata Steel reported a net profit of Rs 921 crore for the quarter ended June 30 on Monday, as compared to a net loss of Rs 3,183 crore during the corresponding period of the last fiscal. According to a regulatory filing, the consolidated net profit included the effect of exceptional items.

Company said in a statement that exceptional items for the quarter were Rs 617 crore mainly related to litigation involving provisions of mining. Consolidated EBIDTA (earnings before interest, taxes, depreciation and amortisation) at Rs 4,939 crore for Q1FY18 with an EBITDA margin of 16 per cent. The company’s consolidated quarterly revenues increased by over 19 per cent to Rs 30,973 crore from 25,971 crore earned during the like period of 2016-17.

Tata Steel Group witnessed an increase in revenues of 19 per cent compared to last year due to increased capacity in India and ongoing restructuring in Europe, Koushik Chatterjee, Group Executive Director, Finance and Corporate was quoted as saying.

“During the quarter, we sold our stake in Tata Motors for a gross consideration of around Rs 3,778 crore. With this sale, we have monetised over Rs 14,266 crore of divestments over the last 5 years.” The company added that its consolidated deliveries stood at 5.83 million tonnes, with India contributing to 47 per cent of the group deliveries.