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 financial year 2012-13.
Tata Steel Group's net profit was nearly INR 6 billion ($107 million) in the first quarter, up 38.1 percent year on year. The group's consolidated net sales in the given quarter saw an increase of 2.5 percent year on year to INR 338.21 billion ($6.08 billion).
According to Tata Steel Group's statement, its steel deliveries in the first quarter fell by 6.22 percent year on year to 5.67 million mt.
Tata Steel's Indian operations posted a robust performance against the backdrop of weakening demand and increased competition, while Tata Steel Europe's financial performance continued to improve as raw material cost pressure eased further and as strategic cost initiatives yielded further benefits.