Tata Steel Q3 profit grows 5-fold to Rs 1136 cr

Tata Steel Q3 profit grows 5-fold to Rs 1136 cr

 

Mumbai, Feb 9: Tata Steel has reported strong set of earnings for December quarter on Friday as consolidated profit showed nearly 5-fold increase at Rs 1,136 crore, driven by strong India operational performance. The growth was also due to low base in year-ago.
Profit for the quarter ended December 2016 stood at Rs 232 crore. Profit was lower than CNBC-TV18 poll of Rs 1,450 crore but operational numbers were ahead of estimates.
Consolidated revenue during the quarter grew by 20.8 percent to Rs 33,447 crore compared to Rs 27,684 crore in year-ago, with India business showing 10.6 percent growth year-on-year at Rs 15,596 crore and Europe growing 20.7 percent to Rs 14,693 crore.
EBITDA (earnings before interest, tax, depreciation and amortisation) growth of 56.7 percent year-on-year at Rs 5,697 crore and margin expansion of 390 basis points at 17 percent were far ahead of CNBC-TV18 poll of Rs 5,020 crore and 15.4 percent, respectively.
India business reported EBIT (earnings before interest and tax) growth of 37 percent at Rs 4,647 crore and Europe business EBIT degrowth of 10.6 percent at Rs 632.2 crore compared to same quarter last year.
The stock price closed up 1.83 percent at Rs 683.65 ahead of earnings that came after market hours today.