Tata Steel Ltd. returned to profit in the first quarter of this year after a loss a year ago, helped by the ramp up of its Kalinganagar plant in Odisha.
Revenue in the quarter jumped 19% aided by increased capacity in India and Tata’s restructuring efforts in Europe, Koushik Chatterjee, group executive director (Finance and Corporate), said.
The steelmaker’s net profit came in at ₹921 crore in the quarter ended June 30, compared to a loss of ₹3,183 crore a year earlier.
In the quarter ended June last year, Tata Steel registered a loss of ₹3,296 crore related to the sale of its long products business in Britain to Greybull Capital LLP in May 2016.
The company said total steel deliveries in the first quarter had risen about 9%, with domestic deliveries accounting for 47% of the total.