Tata Steel Q4 consolidated net up 72%; stock rises
Tata Steel posted 71.61% jump in consolidated net profit to Rs 4,177.14 cr for Q4 ended March 31, helped by stronger volumes in India operations
By PTI | Updated:
MUMBAI: Tata Steel on Wednesday said it has posted 71.61% jump in consolidated net profit to Rs 4,177.14 crore for the fourth quarter ended March 31, helped by stronger volumes in India operations, sale of teesside cast products and better prices in Europe market.
"We have posted profit in the March quarter due to good demand and sale of our Teesside cast products," Tata Steel chief financial officer Koushik Chatterjee told reporters here. The company sold Teesside cast products in March this year at Rs 2,091 crore, which has boosted its profit in the March quarter, he said, adding, "overall our domestic as well as overseas operations have done well in the March quarter".
The steel giant reported net profit of Rs 8,982.69 crore for the year (2010-11) after taxes, minority interest and share of profit of associates as against a consolidated net loss of Rs 2,009.22 crore in the last fiscal.
The company's turnover rose toRs 33,818 crore during the quarter under review from Rs 27,501 crore in the January-March quarter of the previous fiscal.
Net profit during FY11 stood at Rs 8,983 crore as against a loss of Rs 2,010 crore in FY10.
During the year, turnover increased to Rs 1.18 lakh crore from Rs 1.02 lakh crore in the last fiscal. The company's European operations recorded robust improvement, posting an EBITDA of Rs 4,204 crore, an increase of Rs 5,555 crore compared to FY10.
"Higher sales and realisations, along with cost-cutting measures initiated in the aftermath of the financial crisis, contributed to the performance. However, the long products business continued to face significant challenges and the company, accordingly, announced restructuring initiatives earlier this month," Chatterjee said.
At 9:35 am, shares of Tata Steel were trading 2.72 per cent up at Rs 576.80 on the Bombay Stock Exchange. It touched a high of Rs 579.80 and a low of 573 in trade so far.
"We have posted profit in the March quarter due to good demand and sale of our Teesside cast products," Tata Steel chief financial officer Koushik Chatterjee told reporters here. The company sold Teesside cast products in March this year at Rs 2,091 crore, which has boosted its profit in the March quarter, he said, adding, "overall our domestic as well as overseas operations have done well in the March quarter".
The steel giant reported net profit of Rs 8,982.69 crore for the year (2010-11) after taxes, minority interest and share of profit of associates as against a consolidated net loss of Rs 2,009.22 crore in the last fiscal.
The company's turnover rose toRs 33,818 crore during the quarter under review from Rs 27,501 crore in the January-March quarter of the previous fiscal.
Net profit during FY11 stood at Rs 8,983 crore as against a loss of Rs 2,010 crore in FY10.
During the year, turnover increased to Rs 1.18 lakh crore from Rs 1.02 lakh crore in the last fiscal. The company's European operations recorded robust improvement, posting an EBITDA of Rs 4,204 crore, an increase of Rs 5,555 crore compared to FY10.
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"Higher sales and realisations, along with cost-cutting measures initiated in the aftermath of the financial crisis, contributed to the performance. However, the long products business continued to face significant challenges and the company, accordingly, announced restructuring initiatives earlier this month," Chatterjee said.
At 9:35 am, shares of Tata Steel were trading 2.72 per cent up at Rs 576.80 on the Bombay Stock Exchange. It touched a high of Rs 579.80 and a low of 573 in trade so far.
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