Domestic steel major Tata Steel on Wednesday reported better-than-expected results for the quarter ended March, recording a consolidated net profit of Rs. 1,035.87 crore against a net loss of Rs. 6,528.51 crore in the same period last year, on the back of improved economic conditions in Europe and higher prices of steel in India.
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.