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Tata Steel posts more than double net profit in Q1
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SME Times News Bureau | 14 Aug, 2018
Tata Steel on Monday reported more than double consolidated net profit
at Rs 1,934 crore in the quarter ended June 30, as compared to Rs 921
crore in the year-ago period.
Its consolidated revenue from
operations during the quarter was at Rs 37,833 crore, up 22 per cent
from Rs 30,973 crore in the corresponding period last year.
Speaking
on the company's performance, its Executive Director and CFO Koushik
Chatterjee said: "The performance in this quarter has been very strong
and the India operation delivered a stand-out performance of 31 per cent
EBIDTA margin on the back of strong underlying business performance and
improved market conditions."
"Our quarterly consolidated EBIDTA
grew 33 per cent year-on-year and increased to Rs 6,559 crore, with an
EBITDA margin of 17 per cent," he said.
"We are working on
seeking all relevant approvals for our 50:50 JV with thyssenkrupp for
our European business. We expect underlying steel demand to be strong,
particularly in India. However, the rising trade tensions and the impact
on the global economic momentum is a cause of concern," its CEO and
Managing Director T.V. Narendran said.
During the quarter, the
steel maker closed the acquisition process of Bhushan Steel under the
Insolvency and Bankruptcy Code process, it said in a statement.
"The
funding for the acquisition was designed with a prudent capital
structure with significant equity component to ensure future value
creation. The integration of the company is underway and is expected to
deliver synergies over the next 24 months," Chatterjee added.
Its
board approved issue of debt securities of up to Rs 12,000 crore in the
form of Non-Convertible Debentures (NCDs) on private placement basis in
one or more tranches.
The funds will be primarily deployed
towards capex, repayment of debt and general corporate purposes, it said
in a regulatory filing.
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