Tata Steel Reports a 112% Rise in Net Profits

Tata Steel reported a 112.76 percent rise in year-on-year (YoY) consolidated net profit at Rs 1,954.02 crore for the first quarter of the financial year 2018-19 from Rs 918.40 crore in the same quarter last year. The company's consolidated revenue from operations grew to Rs 37,832.79 crore for the June quarter when compared to Rs 30,973.33 crore for the same month in 2017.

Its earnings before interest tax depreciation and amortization (EBITDA) was at Rs 6,559 crore for the June quarter against Rs 6,579 crore in the year-ago quarter. The EBITDA margin was at 17.3 percent for the quarter under review.

The company stated that the liquidity position of the group remains robust at approximately Rs 24,984 crore including Rs 13,086 crore in cash and cash equivalents and Rs 11,899 crores in undrawn bank lines. Its total capital expenditure for June quarter stood at Rs 1,931 crore.

Tata Steel's European operations' deliveries grew by 1.9 percent to 2.45 million tonnes from last year but declined 3.8 percent on a sequential basis from the previous quarter due to seasonal weakness.