Tata Steel achieves highest ever quarterly profit of Rs 12,548 crore
Tata Steel Group achieved its highest ever quarterly profit of Rs 12,548 crore during the July-September quarter on the back of an improved performance by the European business.
Its consolidated net profit is the highest among Tata group companies — and even tops TCS. It grew by 28 per cent quarter-on-quarter and 7.5 times from the same period last year.
Turnover stood at Rs 34,220 crore, 16 per cent higher than the preceding quarter and 50.17 per cent over the same period last year as steel prices remain near record highs, partaking in the broad-based commodity rally globally.
T.V. Narendran, MD and CEO, noted that the performance came despite a seasonally weaker quarter and Indian volumes rose by 11 per cent to 4.73 million tonne.
European EBIDTA improved 2.2 times Q-o-Q.
Taking advantage of the strong cash flow, the company continued to deleverage the balance sheet with Rs 11,424 crore repayment in the first half. Koushik Chatterjee, ED & CFO, said the company could potentially deleverage in the second half of the fiscal as much as the first half.
AMNS India (formerly Essar Steel) posted an EBIDTA of $551 million during the July-September period, sequentially down from the previous quarter of $607 million because of higher iron ore and energy cost. Crude steel production in the last quarter stood at 1.9 million tonnes.
CESC net down 12%
CESC’s consolidated net profit declined 12 per cent to Rs 340 crore in the September quarter from Rs 387 crore a year ago. Revenue from operations rose 4.27 per cent to Rs 3,494 crore from Rs 3,351 crore a year ago.
Zee profit up 187%
Zee Entertainment Enterprises has reported a 187 per cent rise in consolidated net profits for the quarter ended September 30.
Net profit zoomed to Rs 270.16 crore from Rs 94.07 crore a year ago. Operating revenue rose almost 15 per cent to Rs 1,979 crore from Rs 1,723 crore a year ago.
ZEEL added that ad-sales bounced back in the second quarter by almost 21 per cent over the year ago period.
Shares of the company on Thursday ended lower by 1.16 per cent at Rs 313.95.