India-headquartered steel giant Tata Steel Group has issued its group financial results including Tata Steel Europe for the third quarter and the first nine months ended December 31 of the financial year 2017-18.
Tata Steel Group recorded a net profit of INR 11.36 billion ($176.68 million) in the third quarter, compared to a net profit of INR 2.32 billion in the corresponding period of the previous financial year. The group's third quarter sales amounted to INR 293.92 billion ($5.2 billion), increasing by 15.2 percent year on year.
In the first nine months, Tata Steel achieved a net profit of INR 30.74 billion ($478.04 million), compared to a net loss of INR 30 billion in the first nine months of the previous year, while its sales revenues increased by 18 percent year on year to INR 968.84 billion ($15.06 billion).
T. V. Narendran, Tata Steel's managing director, stated that over the first nine months of the financial year 2017-18 Tata Steel delivered a strong consolidated operational performance across geographies and it expects this momentum to continue as the markets are expected to remain favorable. According to Mr. Narendran, in India Tata Steel has witnessed strong volume growth, while its European operations’ performance was marginally lower, due to seasonal pressures as well planned maintenance and upgrades designed to strengthen operations and long-term capability. Meanwhile, the company’s South East Asian business delivered a strong performance due to better management of spreads.