The performance was supported by strong volume-led growth in India and a significant rise in operating profit in the Netherlands. Additionally, the company managed to reduce its operating losses in the UK.
Tata Steel’s consolidated sales stood at Rs 58,689 crore for the quarter, registering a nearly 9% year-on-year increase. Consolidated earnings before interest, tax, depreciation, and amortisation (Ebitda) rose by 46% to Rs 9,106 crore from a year ago.
The company achieved a consolidated Ebitda of Rs 11,343 per tonne of steel sold, up from Rs 7,345 in the corresponding period last year, and Rs 10,470 in the June quarter.
During the quarter, Tata Steel sold 7.91 million tonnes of steel, up from 7.52 million tonnes a year earlier. In India, revenue rose to Rs 34,787 crore in Q2 from Rs 32,660 crore in the previous year. Ebitda margins in the India business were around 25%, compared to about 21% a year ago.
The company also recorded a decline in total tax expenses for the quarter, which fell to Rs 1,039.4 crore from Rs 1,405.5 crore in the same period last year. Capital expenditure for the quarter amounted to Rs 3,250 crore.As of September 30, Tata Steel’s net debt stood at Rs 87,040 crore, marking a reduction from Rs 88,817 crore recorded a year ago.`Also read: Infosys’ Rs 18,000 cr buyback: 10 things to know ahead of Nov 14 record date
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