Tata Steel third quarter net profit jumps fivefold on strong volumes
On September 20, Tata Steel and Germany’s Thyssenkrupp had signed an agreement to merge their European steel operations that would create Europe’s second-largest steel firm after ArcelorMittal.
MUMBAI:
Tata Steel on Friday reported a nearly fivefold jump in its consolidated net profit to Rs 1,136 crore for the three months to December.
Exceptional charges of Rs 1,116 crore due to provision recognised in respect of certain demands and claims from regulatory authorities relating to mining operations hit profit. In the December 2016 quarter, the steel maker had reported a net profit of Rs 232 crore. Net sales in Q3FY18 grew 15.23 per cent year-on-year to Rs 33,447 crore, much above the consensus estimates of Rs 32,027 crore.
Credits: indianexpress.com