Tata Steel Revenue Went up 44.9%

Tata Steel reported a 139% increase in its net profit in the third quarter of the current financial year on a consolidated basis compared with the same period during the last fiscal year. Revenue of the company went up 44.9% to Rs 6.,783 crores, The company gained profits through strong pricing amid tight demand across geographies including Europe.

EBITDA growth of the company also grew 64% during the third quarter at Rs 15,853 crore. It enabled the reduction of the debt by Rs 5,953 crore. The company also managed to reduce the debt by 17,376 crore in the first three quarters of the financial year. The gross debt of the company stood at Rs 72,603 crore at the end of the third quarter.

Along with India, the company also delivered good results in Europe. The CEO and MD of Tata Steel, T.V. Narendran has said that the steel demand in India has begun improving. The steel delivery in India expanded by 4% in the first three quarters of the financial year along with an improvement in product mix.