Mumbai– Tata Steel on Tuesday reported a consolidated net profit of Rs 232 crore for the quarter ended December 31.

The company had reported a net loss of Rs 2,748 crore during the same quarter of last fiscal.

The company’s turnover edged up 14.06 per cent to Rs 29,392 crore for the quarter under review from Rs 25,767 crore reported in the corresponding period of 2015-16.

The company’s consolidated gross debt stood at Rs 84,752 crore as on December 31. Net debt was Rs 76,680 crore.

“Strong liquidity position with cash & cash equivalents, current investments including undrawn bank lines of Rs 15,000 crore,” the statement said.

On a standalone basis, Tata Steel’s Q3 net profit rose by over 300 per cent to Rs 1,205 crore from Rs 298 crore.

The standalone turnover increased by 39.04 per cent to Rs 14,106 crore for the quarter ended December 31 as compared to Rs 10,145 crore reported for the corresponding period of 2015-16.

“Tata Steel recorded strong sales this quarter as the strength of our franchise helped us counter head-winds due to demonetisation,” T.V. Narendran, Managing Director, Tata Steel India and South East Asia, said in a statement.

“While the broader market was affected by lower rural sales and adverse consumer sentiments, we were able to increase overall volumes by 14 per cent sequentially and register strong growth across all our target customer segments.”

Tata Steel informed the BSE that its Board of Directors elected N. Chandrasekaran as the Chairman of the board. Chandrasekaran was appointed a member of the board on January 13.

In another development, Peter Blauwhoff was appointed a member of the board.

The company’s scrip at the BSE inched up by 0.14 per cent or Rs 0.65 per share to Rs 473.25 from its previous close of Rs 472.60 per equity share.

Currently, Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 28 million tonnes per annum (MnTPA) and a turnover of $17.69 billion in FY16.

It has operations in 26 countries and commercial presence in over 50 countries. (IANS)

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