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Tata Steel Q1 Results: Profit Jumps 34% On Higher Steel Prices – BloombergQuint

Tata Steel Ltd.’s first-quarter profit surged on higher steel prices, a decline in finance costs and depreciation, and lower other operating expenses.

The steelmaker’s consolidated net profit rose 34.1% over the preceding quarter to Rs 8,906.9 crore in the three months through June, the steelmaker said in its exchange filing. That’s in line with the Rs 8,518-crore consensus estimate of analysts tracked by Bloomberg.

Revenue rose 6.8% sequentially to Rs 53,371.8 crore, driven by higher prices of hot-rolled coil steel. Analysts had estimated Rs 52,304.5 crore. The revenue improved across key entities (except Tata Steel standalone).

Operating profit rose 13.6% sequentially to Rs 16,110.5 crore, the company said, on higher realisation. Analysts estimated Rs 16,051.1 crore. The increase came despite a rise in raw material cost and higher employee expenses.

  • Tata Steel’s consolidated sales volumes fell to 7.1 million tonnes as compared to 7.83 million tonnes in the preceding quarter.

  • Consolidated Ebitda per tonne stood at Rs 22,779 compared with Rs 18,253 for the quarter ended June.