Tata Steel swings to profit in first quarter
Tata Steel Ltd returned to profit in the first quarter of this year after a loss a year ago, helped by the ramp up of its Kalinganagar plant in Indian state of Odisha.
Revenue in the quarter jumped 19 percent aided by increased capacity in India and Tata`s restructuring efforts in Europe, Koushik Chatterjee, group executive director (Finance and Corporate), said.
The steelmaker`s net profit came in at 9.21 billion rupees ($144.37 million) in the quarter ended June 30, compared to a loss of 31.83 billion rupees a year earlier. (http://bit.ly/2vdWpU5)
In the June-quarter of last year, Tata Steel registered a loss of 32.96 billion rupees related to the sale of its long products business in Britain to Greybull Capital LLP in May 2016.
Analysts on average had expected a net profit of 10.43 billion rupees, according to Thomson Reuters data.
The company said total steel deliveries in the first quarter were up about 9 percent, with domestic deliveries accounting for 47 percent of the total.
Ahead of the results, Tata`s shares rose as much as 4.5 percent to a six-year high.
($1 = 63.7950 rupees)
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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