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Friday, Aug 13, 2010
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Corporate - Financial Performance
Mumbai, Aug 12
Aided by a major turnaround in the performance of its European subsidiary Corus, Tata Steel reported a consolidated net profit of Rs 1,825 crore in the June quarter against a loss of Rs 2,209 crore in the same period last year.
Turnover increased 17 per cent to Rs 27,195 crore (Rs 23,292 crore). Group EBITDA was up at Rs 4,527 crore (Rs 204 crore) on improved performance of the European and Indian operations.
Mr Kirby Adams, Managing Director, Tata Steel Europe, said Corus registered a turnaround of $692 million in EBITDA and a significant improvement in revenue with the capacity utilisation increasing to 90 per cent compared with 80 per cent in the March quarter.
“The impact of the recent rise in raw material prices is yet to be felt.
The long-term sustainability of the recovery is dependent on future growth in the European construction sector.”
On a standalone basis, net profit for the quarter nearly doubled to Rs 1,579 crore (Rs 790 crore). Turnover rose 17 per cent at Rs 6,551 crore (Rs 5,615 crore).
Mr H. M. Nerurkar, Managing Director, Tata Steel, said while the recent surge in imports affected sales to some extent, the year should see a strong performance in Indian operations.
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