TATA Steel Group posts positive results for Q2
TATA Steel Group has declared its Consolidated Financial Results for the first quarter ended June 30th 2013 with following highlights
1. Group steel deliveries in Q1 FY’14 were 6.08 million tonnes versus 6.56 million tonnes in Q4 FY’13, and 5.68 million tonnes in Q1 FY’13.
2. Group consolidated turnover was INR 32,805 crores in Q1 FY’14 compared to INR 34,650 crores in Q4 FY’13 and INR 33,821 crores in Q1 FY’13.
3. Group EBITDA was INR 3,755 crores in Q1 FY’14 compared to INR 4,368 crores in Q4 FY’13 and INR 3,581crores in Q1 FY’13.
4. Group profit before tax for Q1 FY’14 was INR 1,494 crores versus a loss of INR 5,576 crores in Q4 FY’13 and a profit of INR 1,416 crores in Q1 FY’13. The Q4 FY’13 loss included non cash impairment charges of INR 8,356 crores.
5. Goup Profit after Tax (after minority interest and share of profit of associates) for Q1 FY’14 improved by INR 7,668 crores to INR 1,139 crores from the loss of INR 6,529 crores in Q4 FY’13. Group profit was INR 598 crores in Q1 FY’13.
TATA Steel MD Mr HM Nerurkar said “The Indian operations delivered a steady performance in a subdued market environment with deliveries growing at an enhanced pace over the comparable period of last year. Our retail focus, customer relationship and brand building efforts are supporting growth despite increased competition in the market place and we are intensifying our focus on efficiency improvements and delivering enhanced value to our customers. Work on the Greenfield project in Odisha continues in full swing. The South East Asian operations are robust and we continue to invest in improving the underlying performance.”