India-headquartered steel giant Tata Steel Group has issued its group financial results including Tata Steel Europe for the first quarter ended June 30 of the current Indian financial year.
Tata Steel Group's net income was INR 53.4 billion ($1.2 billion) in the three months ended June 30, almost three times the profit recorded in the corresponding quarter of FY 2010-11. The company also pointed out that turnover in the given quarter saw an increase of 21.3 percent year on year to $7.38 billion. Tata Steel Group's EBITDA in the period in question was $1.9 billion, increasing 84.6 percent compared to the same period of the previous year. The company's steel deliveries increased in the quarter in question from 5.9 million mt a year ago to 6.1 million mt.
Regarding its Indian operations, Tata Steel Group reported a saleable steel production volume of 1.75 million mt, up 10 percent year on year.
Commenting on the results, Tata Steel Group managing director HM Nerurkar said, "Volumes and earnings from the Indian operations were robust despite signs of slower growth in India. Deliveries in Q1 rose 14 percent over the previous year on the back of successful marketing and collaboration with key customers on product development."
Tata Steel Europe MD and CEO, Dr Karl-Ulrich Köhler, said, "Tata Steel followed up the exceptional March quarter by delivering an encouraging performance in April-June, even though the weakening of the European steel market, which affected our deliveries, was made worse by rising imports."