Tata Steel clocks profit of Rs 1,753 crore on a turnover of Rs 41,220 crore in Q3 FY19

Mumbai: Tata Steel’s consolidated revenues increased by 23 percent to Rs 41,220 crore in the quarter ending December 2018, marking an increase of 23 percent in the same quarter of previous year, the company said in a statement on Friday.

The consolidated profit after tax rose 54 percent to Rs 1,753 crore as compared to Rs 1,136 crore in the same period.

While overall steel production grew 11 percent to 7.23 million tonnes, India’s steel production surged 34 percent to 4.38 million tonnes.

“The market environment for the industry was challenging during the quarter with softening of steel prices,” said the company’s Executive Director Koushik Chatterjee.

“However, Tata Steel Group generated operating cash flows of Rs 4,150 crore. The liquidity position remains strong at Rs 19,320 crore,” he said.

The group is among the top global steel companies with an annual crude capacity of 33 million tonnes.

CEO and Managing Director T V Narendran said the group is committed to growing its India footprint while focusing on benchmark operational performance, superior market presence, strong customer relationships, and sustainability.

During October to December 2018, the group’s consolidated gross debt declined by Rs 9,083 crore including de-leveraging of over Rs 6,000 crore.