A drastic reduction in impairment charges connected to the acquisition of Corus Steel, at Rs. 46 crore in the fourth quarter compared with Rs. 7,413 crore a year ago, also helped.
The company’s European operations inched closer to a turnaround, slashing losses significantly to Rs. 158 crore in 2013-14 from Rs. 2,425 crore in 2012-13.
Its Indian operations remained more profitable with a 27% increase in net profit for the full year at Rs. 6,412 crore over Rs. 5,063 crore last year.