India-headquartered steel giant Tata Steel Group has issued its group financial results, including Tata Steel Europe, for the first quarter of the financial year 2017-18, ended June 30.
Tata Steel Group recorded a net profit of INR 9.21 billion ($144.68 million) in the first quarter, compared to a net loss of INR 31.83 billion in the corresponding period of the previous financial year. The group's first quarter sales amounted to INR 309.73 billion ($4.86 billion), decreasing by 19.25 percent year on year. The group’s EBITDA totaled INR 49.39 billion ($776 million) in the given quarter, rising by 49.5 percent year on year.
In the first quarter of the financial year 2017-18, Tata Steel Group’s consolidated steel deliveries amounted to 5.83 million mt, up 8.5 percent year on year, with India contributing to 47 percent of group deliveries.
Tata Steel’s executive director Koushik Chatterjee stated that in the first quarter the company witnessed an increase in consolidated revenues due to increased capacity in India and ongoing restructuring in Europe, adding that the increase in EBITDA is due to higher volumes in India and the improved operating performance in Europe and favorable conditions in the overseas business.