Tata Steel Q3 net jumps five-fold to Rs 11.35 bn on volume growth

Tata Steel, one of the largest steel producers in the country, on Friday reported a consolidated net profit of Rs 11.35 billion in the December quarter, up five times from the corresponding period last year, on the back of higher revenues mainly from domestic operations. The company had reported a net profit of Rs 2.31 billion in the third quarter of 2016-17.
Tata Steel’s consolidated net sales in the period under review were at Rs 330.9 billion, up 14.4 per cent from the same period last year, as domestic operations showed a stronger contribution to the total sales.
“Tata Steel group revenues witnessed robust growth driven by improved India volumes and stronger realisations across geographies, on the back of improvement in commodity prices and an expansion in spreads globally,” Koushik Chatterjee, executive director and chief financial officer, Tata Steel, was quoted as saying in a release.