Q1FY18 : Tata Steel turns around its bottomline
Amir Shaikh / 07 Aug 2017
The company reported PAT of Rs 921.1 crore as against the net loss of Rs 1168 in the previous quarter. Also, it had reported net loss of Rs 3183.1 crore in Q1FY17.
Tata Steel Ltd. reported its results for the quarter ended June 30, 2017 today.
The company's total sales for Q1FY18 came in at Rs 30973.3 crore, which represents a 12.27 per cent sequential decline and 19.6 per cent YoY increase.
Its operating profit (EBIT) for the quarter amounted to Rs 3472.85 crore and its EBIT margin stood at 11.21 per cent.
The company reported PAT of Rs 921.1 crore as against the net loss of Rs 1168 in the previous quarter. Also, it had reported net loss of Rs 3183.1 crore in Q1FY17.
The company stated that it remains positive on the outlook for the Indian steel market on the back of robust growth of infrastructure and affordable housing, along with increased emphasis on buying steel produced in the country under the new policy.
Moreover, ramp up of Kalinganagar facility boosted volumes and helped increase its market share. The company witnessed 19 per cent YoY growth in branded products, retail and solution segment (48% of total revenue).
The Tata Steel stock remained positive during the entire trading session today ahead of its quarterly result. The stock opened at Rs 584 and surged almost 5 per cent to touch intra-day high of Rs 601.5 and closed for the day at Rs 600.
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