Wednesday, Apr 24, 2024 | Last Update : 07:01 PM IST
Tata Steel posts second-quarter profit driven by volume growth
Total steel deliveries were up 15 per cent to 6.45 million tonnes, with Indian deliveries contributing about 48 per cent of total.
India’s Tata Steel Ltd posted a September-quarter profit, boosted by strong volume growth following the ramp-up of its Kalinganagar plant in India.
Consolidated quarterly total steel deliveries were up 15 per cent to 6.45 million tonnes, with Indian deliveries contributing about 48 per cent of the total.
Net profit was Rs 10.18 billion ($156.93 million) in the quarter ending September 30, missing analysts' estimates of a profit of Rs 16.78 billion.
The steelmaker had posted a loss of Rs 493.8 million for the same period a year earlier.
Deliveries from India operations grew 17 per cent year-on-year to 3.08 million tonnes in the quarter.
Shares of Tata Steel closed 1.18 per cent lower ahead of the results in a Mumbai market that gained 0.39 per cent.
