Tata Steel Ltd.'s fourth-quarter profit jumped 47% amid a
broad-based improvement in sales across its business segments.
Net profit attributable to company owners came to 97.56 billion
rupees ($1.28 billion) for the quarter, up from INR66.44 billion in the same
period last year, the Indian company said in a filing Tuesday.
Revenue
from operations was INR693.24 billion, up from INR500.28 billion a year
earlier. Tata Steel's European operations helped drive the increase with a
revenue expansion of more than 50%.
For the
year ended in March, the steelmaker's net profit was INR401.54 billion, more
than five times that of the previous year's INR74.90 billion. The company set a
new record for annual crude steel production, up 13% from the previous year,
with better sales volumes across segments from automotive to industrial
products.
The
strong results were achieved "despite the significant surge in
international coal prices and inflationary impact of various commodities,"
Tata Steel Chief Financial Officer Koushik Chatterjee said.
Write to
Clarence Leong at clarence.leong@wsj.com
By
Clarence Leong
Tata
Steel Ltd.'s fourth-quarter profit jumped 47% amid a broad-based improvement in
sales across its business segments.
Net
profit attributable to company owners came to 97.56 billion rupees ($1.28
billion) for the quarter, up from INR66.44 billion in the same period last
year, the Indian company said in a filing Tuesday.
Investing Insights with
Global Context
Understand
how today’s global business practices, market dynamics, economic policies and
more impact you with real-time news and analysis from MarketWatch.
Revenue
from operations was INR693.24 billion, up from INR500.28 billion a year
earlier. Tata Steel's European operations helped drive the increase with a
revenue expansion of more than 50%.
For the
year ended in March, the steelmaker's net profit was INR401.54 billion, more
than five times that of the previous year's INR74.90 billion. The company set a
new record for annual crude steel production, up 13% from the previous year,
with better sales volumes across segments from automotive to industrial products.
The
strong results were achieved "despite the significant surge in
international coal prices and inflationary impact of various commodities,"
Tata Steel Chief Financial Officer Koushik Chatterjee said.
Write to
Clarenc