Tata Steel’s Profit Increased Three-Fold
Tata Steel has reported its net consolidated profit increased three-old, amounting to Rs 5,346.55 crore. The said profit is for the first quarter ending on June 30.
According to the company officials, the increased profit is due to gains in the Riversdale and Tata Refractories and a settlement of claims at Teesside Cast Products unit in the UK. As per reports, the net profit during the corresponding quarter of last fiscal was Rs 1,825.26 crore. The reports further stated that net sales of the company have also rose by 21.58%, amounting to Rs 32,839.90 crore.
The officials claimed that in the April-June quarter, the company got a sum of Rs 4,942.07 crore by selling its complete stake to the Australian mining firm Riversdale to Rio Tinto.
Besides, this company has also made a profit of Rs 511.01 crore by selling its stake in Tata Refractories Ltd. to Krosaki Harima Corporation, a combined firm of Nippon Steel of Japan.
Taking about the increased profit, Group Chief financial officer Koushik Chatterjee said he was seeing a sign of a slowdown in the global economy and further asserted, "The European steel market is likely to be subdued this quarter”.
