Tata Steel Q3 operating profits highest ever
Steel manufacturing major Tata Steel reported its highest-ever quarterly consolidated operating profit of Rs 9,540 crore, which was higher by 2.6 times from the year-ago quarter. The company's Indian business reported a 2.14 times increase in operating profit to Rs 8,811 crore in the December quarter.
Tata Steel posted a consolidated net profit of Rs 3,989 crore for the quarter ended December, in comparison to a net loss of Rs 1,166 crore in the previous year's quarter.
The company's consolidated revenues in the quarter rose 11.5% on-year to Rs 39,594 crore.
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The company said that the strong operating performance in India was driven by higher prices, better product mix, lower exports and operating efficiency initiatives. This translates into an operating profit per tonne of Rs 18,931 and an EBITDA margin of 34.9%.
Tata Steel's standalone business reported another quarter of strong performance as operating profit increased 78% year-on-year to Rs 6,737 crore. The standalone business's operating profit per tonne was at Rs 20,175, whereas operating margin stood at 37.5%.
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Image: The company's consolidated revenues in the quarter rose 11.5% on-year to Rs 39,594 crore.
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