Mumbai/Kolkata: Steel giant Tata Steel on Thursday reported a whopping 84 per cent decline in its consolidated net profit, to Rs 2,295 crore, during the fourth quarter of the financial year 2018-19 as compared to Rs 14,688 crore in the corresponding period of the previous fiscal.
Its consolidated revenue for the quarter under review was at Rs 42,424 crore, up by 26 per cent from Rs 33,705 in the year-end ago period. During the quarter, its consolidated steel production and deliveries grew year-on-year by 27 per cent and 29 per cent respectively while India production and deliveries increased year-on year by 46 per cent and 55 per cent respectively. Tata Steel’s CEO & Managing Director T.V. Narendran said: “Tata Steel continues to grow its footprint in India in terms of volumes, downstream capability and product portfolio.”
Despite subdued steel markets and weak growth in its key customer segments, its volumes in India grew by over 33 per cent this year, leading to a significant improvement in overall profitability and cashflows, he said. “The proposed merger of Tata Steel BSL with Tata Steel will accelerate operational synergies and simplify our corporate structure. Our 5 MTPA Kalinganagar Phase II expansion will help us to further consolidate our presence in India and strengthen our financial performance,” he added.
The company said its gross debt decreased by Rs 8,781 crore during Q4FY19.
“We will continue to target a further reduction in the gross debt by another one billion dollars by the end of Financial Year 2020,” Executive Director and CFO Koushik Chatterjee said.
Tata Steel reported one of the highest-ever consolidated adjusted EBITDA with a record growth of 55 per cent year-on-year to Rs 30,734 crore and 27 per cent year-on-year increase in revenues to Rs 157,669 crore in FY19. (IANS)
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