Tata steel loss shrinks to Rs 1,168 cr in Q4

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Kolkata, May 17: Tata Steel on Tuesday disclosed its consolidated loss to Rs 1,168 crore in the quarter ended March 31, 2017.

It was Rs 3,042 crore of loss in the same period last year.

The steel producer’s turnover in the quarter under review seen as Rs 35,305 crore from Rs 27,071 crore in the corresponding period, up by 30.4 per cent , while deliveries increased to 6.83 million tonnes in the fourth quarter ended March as compared to 6.32 million tonnes a year ago.

“EBITDA improved to Rs. 4,324 crore for the quarter, up 28 per cent sequentially and 93 per cent year-on-year on the back of supportive realisations, strong growth in deliveries and ramp-up of Kalinganagar plant. Full year EBITDA was Rs 11,953 crore for the company,” it said in a statement.

In India, deliveries growth was 7 per cent and by 0.6 per cent over last year. Automotive sales grew by 9 per cent over last year.

“Tata Steel continued to outperform the market in this quarter as well. We recorded robust sales across all our target segments and our overall volumes stood at 3.21 million tonnes,” said company’s India and South East Asia Managing Director T.V. Narendran.

The liquid steel production of European nations in the fourth quarter was flat of 2.62 million tonnes and the full year production was 5 per cent lower.

Koushik Chatterjee, Group Executive Director (Finance and Corporate), said: “The ongoing transformation programme in the UK, performance improvements in India and Netherlands contributed to the strong underlying performance. The market support and favourable currencies also helped the business to achieve this significantly improved performance.”

“The capex was lower than plan due to prioritisation of our capital expenditure programme and we have been able to keep the debt stable despite price related impact on working capital,” he added.

He also said after the completion of consultation process and closure of the defined benefit scheme in Britain to future accruals was the important milestone during the quarter.

Wefornews Bureau

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