India-headquartered steel giant Tata Steel Group has issued its group financial results including Tata Steel Europe for the second quarter and the first half ended September 30 of the financial year 2017-18.
In the second quarter, Tata Steel Group recorded a net profit of INR 10.18 billion ($157.17 million), compared to a net loss of INR 490 million recorded in the same quarter of the previous financial year. The group's second quarter sales revenues increased by 19.7 percent year on year to INR 324.64 billion ($5.01 billion). In the given quarter, steel deliveries amounted to 6.45 million mt, rising 15 percent year on year. In the same quarter, the group's EBITDA was INR 47.26 billion ($729.78 million), up 53 percent year on year.
In the first half of the given year, Tata Steel Group registered a net profit of INR 19.38 billion ($299.4 million), compared to a net loss of INR 32.32 billion in the first half of the financial year 2016-17, while the company's sales revenue increased by 20 percent to INR 634.37 billion ($9.79 billion), both year on year. In the first half, Tata Steel Group’s EBITDA totaled INR 96.65 billion ($1.49 billion), increasing by 51 percent year on year.
According to T. V. Narendran, Tata Steel's managing director, the company’s growth was broad-based with all verticals registering a strong performance. Tata Steel’s automotive segment grew by 34 percent year on year due to its focus on new grade development and new vehicle models. The company’s industrial products, projects and exports segment grew by 11 percent year on year, including a 60 percent year-on-year growth in its targeted value added and new segment sales. During the quarter, Tata Steel developed 27 new products across various customer segments.