Tata Steel narrows loss on higher global, domestic revenuehttps://indianexpress.com/article/business/companies/tata-steel-narrows-loss-on-higher-global-domestic-revenue-4659340/

Tata Steel narrows loss on higher global, domestic revenue

The consolidated revenue from operations increased to Rs 35,304.89 crore in January-March 2017, from Rs 27,071.26 crore in the same quarter of FY2015-16, Tata Steel said.

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The company’s focus on cost improvement initiatives and integrated operations helped Tata Steel to contain the impact of rising raw material prices, he said.

Aided by higher revenue from Indian as well as European operations, Tata Steel’s consolidated net loss narrowed to Rs 1,168.02 crore for the quarter ended on March 31, 2017 as against a consolidated net loss of Rs 3,041.88 crore for the year-ago quarter.

The consolidated revenue from operations increased to Rs 35,304.89 crore in January-March 2017, from Rs 27,071.26 crore in the same quarter of FY2015-16, Tata Steel said.

“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 which was higher by 7 per cent sequentially,” T V Narendran, managing director, Tata Steel India and South East Asia said.

The revenue from Indian operations rose to Rs 17,113 crore in the last quarter of 2016-17 from Rs 11,735 crore in the year-ago quarter. It posted a net profit of Rs 1,414 crore from Indian operations for January-March 2017 against that of Rs 520 crore for the year-ago quarter. The revenue from European operations rose to Rs 15,243 crore from Rs 12,982 crore in the year-ago period.

Narendran said the company is committed to investing in its customer relationships and marketing franchise to consolidate its position in India. The company’s focus on cost improvement initiatives and integrated operations helped Tata Steel to contain the impact of rising raw material prices, he said.