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 2018-19.
Tata Steel Group recorded a net profit of INR 17.5 billion ($245.4 million) in the third quarter, compared to a net profit of INR 11.3 billion in the corresponding period of the previous financial year. The group's third quarter turnover amounted to INR 412.2 billion ($5.77 billion), increasing by 18.8 percent year on year. The group’s EBITDA totaled INR 72.2 billion ($1.01 billion) in the given quarter, rising by 27 percent year on year.
In the third quarter of the financial year 2018-19, Tata Steel Group’s consolidated steel deliveries amounted to seven million mt, up 6.5 percent year on year.
In the first nine months of the financial year 2018-19, Tata Steel’s net profit amounted to INR 68.03 billion ($952.42 million), compared to a net profit of INR 30.7 billion in the same period of the previous financial year. In the period in question, the group’s turnover totaled INR 1.22 trillion ($17.08 billion), rising by 26.5 percent year on year.
Koushik Chatterjee, executive director and CFO of Tata Steel, said that the industry was faced with difficult market conditions in the given quarter, with a softening of steel prices. The company, however, was able to improve its consolidated revenues.