Tata Steel registered full-year (April-March) consolidated net profit of Rs 8,983 crore compared with a net loss of Rs 2,009 crore last year on back of higher volumes, improved product-mix and higher realisations, the company said in a press release Wednesday.
The profit was also boosted by a one-time gains of Rs 2,091 crore from sales of Teesside Cast Products, a slab manufacturing facility mothballed in February 2010.
Total income rose to Rs 1.19 lakh crore from Rs 1.03 lakh crore, the company said.
"The Indian operations registered a 36% increase in annual profits because of favorable market conditions," said Tata Steel, managing director, HM Nerurkar in the release and added, "we enjoy an excellent position in India compared to our global peers to counter cost pressures, given the growing domestic market, a higher proportion of value-added products and a sizeable increase in capacity by the end of the financial year."
On the greenfield project in Odisha, Nerurkar said the first phase is expected to be commissioned by the end of 2014.
The European operation's earning before income, tax, depreciation and amortisation, or EBITDA, rose to Rs 4,204 crore compared with loss of Rs 1,351 crore a year ago. The turnaround was due to higher sales and realisations along with cost-cutting measures initiated by the company in the aftermath of the financial crisis.
However, its Long Products business continues to face significant challenges and the company has initiated restructuring earlier this month, the release said.
Shares of Tata Steel ended almost flat at Rs 561.50 on the Bombay Stock Exchange.
Source: www.moneycontrol.com
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