Tata Steel has reported five-fold rise in consolidated net profit to £113.6 million for the third quarter ended December 31. The company had posted consolidated net profit of £23.2 million in the same quarter of previous fiscal. CEO and Managing Director of the company, TV Narendran said that they had delivered strong operational performance across geographies and the firm expects this momentum to continue as markets are expected to remain favourable.
Narendran said the company's focus on India continues as Tata Steel looks to expand its Kalinganagar site as well as pursue inorganic growth opportunities. He said the company is progressing well on the JV with ThyssenKrupp and “We are committed to building a long-term investment in strong European portfolio.” Narendran added, “Globally, steel prices have been buoyant with improved trade position in China along with cost push from raw materials. In India, we have witnessed strong volume growth across the verticals as well as an increase in realisations.”
Executive Director and CFO Koushil Chatterjee said the group revenues saw a strong growth by improved volumes in India and stronger realisations across geographies, on the back of improvement in commodity prices.
