Tata Steel's operations in India declined sharply year on year, capping consolidated net income by nearly 65% during the first quarter of the current fiscal year ended June 30, 2019. The decline was mainly due to a sharp drop in steel prices and higher costs.
In its most recent report on the Bombay Stock Exchange, the company stated that consolidated net income was Rs 683.13 crore, down 64.5% from Rs 1,922.85 in the corresponding fiscal year quarter.
Indian steel production increased 23% year-on-year to 4.50 million tonnes. Steel shipments to India rose significantly by 19% year on year to 3.96 million tonnes. Consolidated revenue reported a notable increase of 13% to Rs 21,129 over the same period last year. Adjusted EBITDA for the quarter was Rs 5,117 crore, while Adjusted EBITDA margin was 24.2%.
The company's European operations were impacted by planned shutdowns and unplanned outages. Operating income decreased to Rs 14,495.
Commenting on the results, Tata Steel CEO Narendran said steel prices in various regions were declining throughout the quarter. A strong business model in India helped the company to counter the overall weakness in the market. Meanwhile, Kushik Chatterjee, CFO, noted that EBITDA per tonne in the Indian business rose 7% quarter-on-quarter to Rs 12,908 despite unfavorable market conditions.
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