Tata Steel Q1 profit jumps over 4-fold on strong India, Europe business
Tata Steel has reported more than four-fold jump in consolidated profit at Rs 933 crore during April-June quarter, compared with Rs 209.43 crore in same quarter last year. The profitability was driven by strong operational performance of India as well as Europe businesses. However, it partly hit by South-East Asian operations, and exceptional loss of Rs 617 crore mainly due to provision for mining related litigation. "Consolidated profit from continuing operations before exceptional items stood at Rs 1,550 crore, a 4-fold jump over Rs 377 crore in Q1FY17," the company said in its filing. Consolidated revenues during the quarter increased 19.3 percent to Rs 30,973.3 crore on year-on-year basis due to increased capacity in India and ongoing restructuring in Europe, Koushik Chatterjee, Group Exceutive Director (Finance and Corporate) said. Revenues declined 12 percent sequentially. Steel deliveries were up 8.6 percent at 5.83 million tonnes on year-on-year basis but fell 14.6 percent compared with previous quarter.
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