According to the audited financial results released on January 27 by Indian steelmaker Tata Steel Limited (Tata Steel) for the third quarter and first nine months ended on December 31 of the current Indian fiscal year, the company's net sales in the third quarter totaled Rupees 63.08 billion (approx. US$1.36 billion), increasing 12.04 percent quarter on quarter and up 32.77 percent year on year, while its net profit increased by 32 percent over the second quarter and climbed 155 percent year on year, reaching Rupees 11.92 billion ($257.81 million).
In the third quarter of the current fiscal year, the company's steel production amounted to 1.69 million mt, increasing by 11.18 percent quarter on quarter and up 36.71 percent year on year, while its steel sales reached 1.6 million mt, rising by 9.59 percent over the second quarter and up 48.95 percent compared to the same period of the last fiscal year.
Meanwhile, in the first nine months of the current fiscal year, Tata Steel's net sales totaled Rupees 174.91 billion ($3.78 billion), slightly down by 0.41 percent, while its net profit reached Rupees 28.84 billion ($623.82 million), both compared to the corresponding period of FY 2008-09.
In the first nine months of the current fiscal year, the company's steel output increased by 26.6 percent, reaching 4.75 million metric tons and its steel sales totaled 4.47 million metric tons, up 29.55 percent, both compared to the corresponding period of the previous fiscal year.
Tata Steel said that its consolidated financial results, which would include the financial results of its European subsidiary Tata Steel Europe Ltd. (including Corus) for the period in question, would be available in February 2010.