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Tata Steel fiscal Q1'19 profit soars on higher steel demand

Tata Steel Ltd. on Aug. 13 reported consolidated net profit of 19.34 billion Indian rupees, or 16.66 rupees per share, for the first quarter of its fiscal 2019, jumping from a profit of 9.21 billion rupees, or 8.38 rupees per share, posted a year earlier.

The Indian steel giant recently acquired insolvent Bhushan Steel Ltd., and the latter's financials have been consolidated, effective May 18.

The company's consolidated revenues rose to 378.33 billion rupees from 309.73 billion rupees. EBITDA stood at 65.59 billion rupees compared to 49.39 billion rupees a year earlier.

Consolidated steel production reached 6.92 million tonnes, up from 6.23 million tonnes produced in the year-ago period. Steel deliveries climbed to 6.55 million tonnes from 5.83 million tonnes last year.

"Tata Steel delivered strong performance across all geographies helped by strong steel demand and buoyant spreads," CEO and Managing Director T V Narendran said in the statement.

The company added that it was working to secure the necessary regulatory approvals for the recently announced joint venture between its European arm and Germany's ThyssenKrupp AG.

As of Aug. 10, US$1 was equivalent to 68.99 Indian rupees.