Tata Steel Swings To Profit In First Quarter
Revenue in the quarter jumped 19 percent aided by increased capacity in India and Tata's restructuring efforts in Europe, Koushik Chatterjee, group executive director (Finance and Corporate), said
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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 Indian state of Odisha.
Revenue in the quarter jumped 19 percent 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 Rs 9.21 billion ($144.37 million) in the quarter ended June 30, compared to a loss of Rs 31.83 billion a year earlier.
In the June-quarter of last year, Tata Steel registered a loss of Rs 32.96 billion related to the sale of its long products business in Britain to Greybull Capital in May 2016.
Analysts on average had expected a net profit of Rs 10.43 billion, according to Thomson Reuters data.
The company said total steel deliveries in the first quarter were up about 9 percent, with domestic deliveries accounting for 47 percent of the total.
Ahead of the results, Tata's shares rose as much as 4.5 percent to a six-year high.
($1 = 63.7950 rupees)
(Reuters)