Tata Steel Ltd.’s quarterly profit rose, beating estimates, aided by higher prices, a better product mix and initiatives to improve operating efficiency.
The steelmaker reported net profit of Rs 3,989 crore in the quarter ended December against a loss of Rs 1,166 crore in the corresponding quarter a year ago, according to its exchange filing. That compares with the Rs 3,410-crore consensus estimate of analysts tracked by Bloomberg.
Revenue rose to a seven-quarter high of Rs 39,594 crore even as domestic sales fell 4% over the preceding year as prices of hot-rolled coil steel rose. The company’s top line grew 11.5% year-on-year.
Operating profit rose 160.7% over the preceding year to Rs 9,540 crore, the company said, as realisation rose in the steelmaker’s key entities. That figure, according to Bloomberg data, is the highest in at least nine quarters.