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 2016-17.
Tata Steel Group recorded a net profit of INR 2.32 billion ($34.55 million) in the third quarter, compared to a net loss of INR 27.48 billion in the corresponding period of the previous financial year. The group's third quarter sales amounted to INR 293.92 billion ($4.37 billion), increasing by 14 percent year on year.
In the first nine months, Tata Steel achieved a net loss of INR 30.01 billion ($446.87 million), compared to a net profit of INR 25.45 billion in the first nine months of the previous year, while its sales revenues increased by 2.48 percent year on year to INR 832.69 billion ($12.4 billion). In the first nine months of the current financial year, steel deliveries of the group amounted to 17.16 million mt, decreasing by 1.7 percent year on year.
According to Tata Steel’s statement, in the December quarter the company’s focus on cost improvement initiatives and its integrated operations helped it to contain the impact of rising raw material prices. Meanwhile, the company’s Kalinganagar facility continues to ramp up production smoothly and it is well positioned to serve the increase in demand in India due to the expected thrust in infrastructure in the financial year 2017-18.