Tata Steel, the world’s sixth largest steelmaker, on Wednesday scripted a turnaround in its global operations posting a net profit of Rs. 917 crore for the quarter ended September, against a loss of Rs. 364 crore in the same period last year.
The reversal came on the back of higher profitability and production in its Indian operations and improved performance in Europe and South East Asia.
In India, it delivered 2.04 million tonnes of steel, up 18% over last year which resulted in a 8.4% rise in turnover to Rs. 9,921 crore.
“Overall market conditions weakened during the last quarter.Despite this, we were able to increase market share,” said T V Narendran, MD, Tata Steel India and South East Asia.
Europe turnover stood at Rs. 21,149 crore, up 4% from last year.