Tata Steel has posted a consolidated net profit of Rs 921.09 crore for the quarter ended June 2017 on the back of higher revenue from operations as against a consolidated net loss of Rs 3,183 crore in the year-ago period. “Our sales were up by 28 per cent on a y-o-y basis as the smooth ramp up of our Kalinganagar facility helped us increase our volumes and increase our market share,” T V Narendran, MD, Tata Steel India and South East Asia said. The consolidated revenue from operations during April-June quarter was at Rs 30,973 crore, registering an increase of 19 per cent.
During the quarter, the company sold its stake in Tata Motors for a gross consideration of around Rs 3,778 crore. “With this sale, we have monetised over Rs 14,266 crore of divestments over the last 5 years. Tata Steel Europe strategic portfolio restructuring of focusing on strip business is now completed with the sale of 42-inch and 84-inch pipe mills in Hartlepool, UK to Liberty House Group,” Koushik Chatterjee, Group Executive Director (Finance and Corporate), said. “We saw strong growth in our branded products, retail and solutions segment …,” Narendran said.