Health Care

Tata Steel wins new auto orders as revenues rise

Tata Steel wins new auto orders as revenues rise”

Tata Steel has reported a net profit of ₹1,018 crore in the September quarter against a net loss of ₹49 crore in the same period past year, on the back of higher production and better realisation.

Indian steel companies such as Tata Steel are limping back to profitability after incurring losses for almost two years as a supply glut triggered by Chinese steel production drove a sharp drop in prices.

Tata Steel, however, managed to meet revenue estimates by reporting a 19.7% jump from the year-ago period to Rs 32,464.1 crore. Its steel deliveries were at 6.45 mt in the three months period ended September 30, as against 5.61 mt in the year-ago period. It gets 40 percent of its requirement from captive sources.

Deliveries from India operations grew 17 per cent year-on-year to 3.08 million tonnes in the quarter despite subdued market conditions.

Deliveries were higher by 15%, in part due to one-off sales and supply chain improvements, said Tata.

The company that has lined up for buying out lenders of four debt-laden steel companies has also said it is committed to the second phase expansion at its Kalinganagar (Jajpur district) unit in Odisha, with a bullish outlook on demand.

Tata Steel recently has signed an MoU for a 50:50 joint venture with thyssenkrupp to create a leading European steel enterprise. We have also completed the Regulatory Apportionment Agreement in respect of BSPS. In the past quarter, we launched five new products including a new range of coated steels for the construction industry which comply with new environmental legislation while retaining the durability and weather resistance demanded by customers.

Income from operations was up 20 per cent at ₹32,464 crore (₹27,120 crore).

Koushik Chatterjee, Group Executive Director, said, "Globally, there was a recovery in the commodity cycle with cuts in Chinese steel capacities and stronger demand resulting in improving utilisation levels of mills in China to more than 85 per cent. This coupled with recent uptick in raw material prices has lifted the steel prices across regions".

Tata Steel Group revenues witnessed a sequential growth of 9 per cent primarily driven by increased volumes across the geographies, with India now contributing to 48 per cent of overall deliveries, he said. The company incurred a capital expenditure of Rs1,834 crore during the quarter.

Consolidated Ebitda (earnings before interest, taxes, depreciation and amortisation) was Rs 4,726 crore, the margins up 14.6 per cent.

Like this



31 October 2017
Toyota Motor Corp. brings top engineers under one roof in Georgetown, Kentucky
It brings top engineers under one roof to focus on design, production, new technology and manufacturing for Toyota's facilities across the continent.

31 October 2017
Com Premium features arrive for Office 365 subscribers
Please be aware that the rollout is now underway worldwide for those with Office 365 Home and Office 365 Personal subscriptions. Microsoft is also including better malware scanning security, and free technical support for Outlook .com email accounts.

31 October 2017
Trump names suspect captured for role in 2012 Benghazi attack on Americans
It's not initially clear whether the video shows al-Imam at the consulate or the annex which was also attacked. Three other USA officials, Glen Doherty, Sean Smith, and Tyrone Woods, were also killed.

30 October 2017
North Korea flies balloons to Seoul with message 'Trump is mentally ill'
Trump will be in South Korea on November 7 and the United States has already dispatched three nuclear-powered aircraft carriers to the area.

30 October 2017
Rocket League races to the Nintendo Switch next month
For a closer look at Rocket League on Switch, check out our gameplay demo and studio tour with the Nintendo Minute crew below. As previously confirmed, the Nintendo Switch version of Rocket League is going to feature three Nintendo-themed cars.

30 October 2017
Apple Start Shipping iPhone X Out To Pre-order Customers
Baird reaffirmed a "buy" rating and set a $172.00 target price on shares of Apple in a research report on Tuesday, September 5th. The firm had revenue of $45.41 billion for the quarter, compared to analyst estimates of $44.94 billion.

30 October 2017
We won't shut down Al-Jazeera, says Qatar emir
On the efforts to resolve the Gulf crisis, the emir pointed out that he is more than willing to sit down with his antagonists. Doha rejected all the demands, denouncing them as attempts to infringe Qatar's sovereignty. "We do not support terrorism".

30 October 2017
Panel for composition scheme tax cut,12% GST on AC eateries
The scheme, which offers easier compliance, has received a lukewarm response, prompting the GST Council to give it a re-look. But the unintended outcome of these recommendations, if adopted by the GST Council, will be more complexity, not less.

30 October 2017
Baby AJ, who was denied his dad's kidney, rushed to a hospital
The child was born without kidneys and was rushed to Egleston Sunday for treatment of a stomach infection. Dickerson is said to be the only 100 percent match for his son.

30 October 2017
#BlackMonday the biggest protest ever against farm murders: Afriforum
Over the past five days, 11 farm attacks have taken place in South Africa, which led to the death of four people. AfriForum claims that 70 white farmers have been murdered in 341 attacks on farms so far this year.