HindustanTimes Fri,24 Oct 2014

Tata Steel logs Rs. 1,036 cr net profit in Q4

HT Correspondent, Hindustan Times  New Delhi, May 14, 2014
First Published: 23:46 IST(14/5/2014) | Last Updated: 23:48 IST(14/5/2014)

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.

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