India-headquartered steel giant Tata Steel Group has issued its group financial results, including Tata Steel Europe, for the third quarter ended December 31 of the financial year 2019-20.
Accordingly, in the third quarter Tata Steel registered a net loss of INR 12.29 billion ($172.15 million), compared to a net profit of INR 17.53 billion in the corresponding period of the previous financial year.
Tata Steel Group’s third quarter sales revenues amounted to INR 355.2 billion ($4.98 billion), decreasing by 8.5 percent year on year. The group’s EBITDA totaled INR 36.59 billion ($512.52 million) in the given quarter, falling by 45.6 percent compared to EBITDA of INR 67.26 billion in the same period of the previous year.
In the third quarter of the financial year 2019-20, Tata Steel Group’s consolidated steel deliveries amounted to 7.31 million mt, up 13 percent year on year.
Mr. T V Narendran, managing director and CEO of Tata Steel, said that the company’s volumes were markedly improved although macroeconomic conditions all over the world and also in India were poor and the company came through the slowdown with its business model in India, entering into new markets and increasing customers across the world. Mr. Narendran also commented that the company was able to maintain its sales to the automotive industry. He said he expects that steel demand in India is going to improve on the back of increasing government spending and a revival in the broader economy.
$1 = INR 71.43