Tata Steel back in black, posts ₹522cr profit in Q3 | India Business News

NEW DELHI: Tata Steel on Wednesday posted a consolidated net profit of Rs 522 crore in the Dec quarter as strong domestic demand offset weakness in Europe. The company had posted a net loss of Rs 2,502 crore in the year-ago period, the company said in a regulatory filing.
The company’s consolidated income dropped to Rs 55,540 crore from Rs 57,354 crore in the year-ago quarter, it said. Tata Steel had reported a consolidated net loss of Rs 6,511 crore in the Sept quarter.
“The global operating environment has been complex, with economic slowdown in China and geopolitics weighing on commodity prices in general,” Tata Steel CEO and MD T V Narendran said.
“During the quarter, China has exported 7-8 million tonnes of steel every month, highest since 2015, and this has adversely impacted global steel prices as well as profitability. Despite this context, Tata Steel India has delivered better margins,” Narendran said.

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