Tata Steel's profit up nearly fourfold

TATA STEEL ON Wednesday reported a 272% jump in its consolidated net profit at ₹3,102 crore onthe back of better steel realisations and lower expenses aided by strategic cost transformation initiatives.

- URVI MALVANIA

Bloomberg analysts had estimated a net profit of $2,740 crore.The company had posted a net profit of ₹833 crore in the same period a year ago.

Revenue also came in ahead of the Bloomberg estimate of ₹55,898 crore at ₹58,689 crore and was up 8.9% year-on-year.

“The global operating environment remained challenging with persistent overhang of tariffs, geopolitical tensions and elevated steel exports. Despite this, Tata Steel delivered a resilient performance with the Ebitda margin improving for the second consecutive quarter,’ MD & CEO TV Narendran said ina statement.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) at ₹8,897 crore wasalso higherthan Bloomberg estimates of 8,185 crore, up 45%, while Ebitda margin was 15.2% (against 14% in Q1).