India-headquartered steel giant Tata Steel Group has issued its group financial results, including Tata Steel Europe, for the first quarter of the financial year 2018-19, ended June 30.
Tata Steel Group recorded a net profit of INR 19.34 billion ($276.75 million) in the first quarter, compared to a net profit of INR 9.21 billion in the corresponding period of the previous financial year. The group's first quarter turnover amounted to INR 378.33 billion ($5.41 billion), increasing by 22.3 percent year on year. The group’s EBITDA totaled INR 65.59 billion ($938.46 million) in the given quarter, rising by 32.8 percent year on year.
In the first quarter of the financial year 2018-19, Tata Steel Group’s consolidated steel deliveries amounted to 6.55 million mt, up 12.3 percent year on year.
Tata Steel stated that in India, steel consuming sectors growth expected to remain strong; demand from automotive sector expected to remain healthy. However, India may remain a net importer with strong domestic demand, while rising imports are a cause of concern and may need policy intervention. Meanwhile in Europe, steel demand is expected to grow by 2.1 percent in the current year driven by growth of the construction and mechanical sector.