Tata Steel s Q1 net profit at Rs 921 crore

Mumbai Aug 7 (IANS) Tata Steel on Monday reported a net profit of Rs 921 crore for the quarter ended June 30 as compared to a net loss of Rs 3 183 crore during the corresponding period of the last fiscal.

According to a regulatory filing the consolidated net profit included the effect of exceptional items.

"Exceptional items for the quarter were Rs 617 crore mainly relating to provision for mining related litigation " the company said in a statement.

"Consolidated EBIDTA (earnings before interest taxes depreciation and amortisation) at Rs 4 939 crore for Q1FY18 with an EBITDA margin of 16 per cent."

The company s consolidated quarterly revenues increased by over 19 per cent to Rs 30 973 crore from 25 971 crore earned during the like period of 2016-17.

"Tata Steel Group witnessed an increase in revenues of 19 per cent compared to last year due to increased capacity in India and ongoing restructuring in Europe " Koushik Chatterjee Group Executive Director Finance and Corporate was quoted as saying in a statement.

"During the quarter we sold our stake in Tata Motors for a gross consideration of around Rs 3 778 crore. With this sale we have monetised over Rs 14 266 crore of divestments over the last 5 years."

The company added that its consolidated deliveries stood at 5.83 million tonnes with India contributing to 47 per cent of the group deliveries.

--IANS
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