India-headquartered steel giant Tata Steel Group has issued its group financial results, including Tata Steel Europe, for the fourth quarter and the full 12 months of the financial year 2016-17, ended March 31.
Tata Steel Group recorded a net loss of INR 11.68 billion ($182.29 million) in the fourth quarter, compared to a net loss of INR 30.42 billion in the corresponding period of the previous financial year. The group's fourth quarter sales amounted to INR 353.05 billion ($5.51 billion), increasing by 30.4 percent year on year.
In the full financial year, Tata Steel registered a net loss of INR 41.69 billion ($650.6 million), rising compared to the net loss of INR 4.97 billion in the previous financial year, while its sales revenues increased by 10.4 percent year on year to INR 1.17 trillion ($18.32 billion). In the given year, steel deliveries of the group amounted to 23.88 million mt, rising by 1.44 percent year on year.
Tata Steel’s executive director Koushik Chatterjee stated that consolidated EBITDA for Tata Steel Group was in excess of INR 170 billion ($2.65 billion) for the financial year 2016-17, which is the highest in the last six years. According to Mr. Chatterjee, the ongoing transformation program in the UK as well as performance improvements in India and the Netherlands contributed to the strong underlying performance. The market support and favorable currencies also helped the business to achieve this significantly improved performance.