Tata Steel Profits Surged in Q3 This Fiscal

SEATTLE (Scrap Monster): Tata Steel’s consolidated profits skyrocketed in the three-month period ending December 31^st. The boosted income lifted the consolidated profits by the company during Q3 current fiscal year.

According to a filing by the company to the Bombay Stock Exchange (BSE), the total income during the quarter rose to INR 39,809.05 crore, as compared with INR 35,613.34 crore during the corresponding quarter a year before. The company closed at a consolidated profit of INR 4,010.94 crore. This compares with a loss of INR 1,228.53 crore in the year ago quarter. While the company’s total income rose to INR 39,809.05 crore, its expenses declined to INR 34, 183.18 crore.

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Tata Steel produced 4.60 million tonnes of crude steel during the quarter, marginally higher by over 3% from the prior year quarter. The domestic steel sales by the company were up by 4% to 4.16 million tonnes. It reported the highest-ever consolidated EBITDA of INR 9,540 crore and free cash flows of over INR 12,000 crore. The company had recorded EBITDA of INR 4,111 crore in Q3 2019.

Commenting on the robust quarterly performance, the recovery in the global and Indian economy has led to sharp improvement in steel demand in India. The recent policy developments to boost infrastructure projects will further drive domestic steel demand in India, he added.