Consolidated revenues increased to Rs 43,544 crore as compared to Rs 32,464 crore in the corresponding quarter last year.
"This has been one of the best ever quarters for Tata Steel India on the back of strong operating and market performance with the EBIDTA margin of 34 per cent and in excess of Rs 19,000 per tonne," company's Executive Director and CFO Koushik Chatterjee said.
"On the back of a strong India performance, the consolidated results of the company for the quarter reported 20 per cent EBIDTA margin despite an operationally weak quarter in our Europe operation due to unplanned shutdowns and stoppages both in Ijmuiden and Port Talbot," he said.
During the quarter, the group generated operating cash flows of Rs 7,769 crore and its liquidity position remained strong at Rs 26,470 crore, including Rs 14,478 crore of cash and cash equivalents, he said, adding that Tata Steel will financially support Tata Sponge in the rights issue that will be used for the acquisition of the Steel Business of Usha Martin which had on Monday obtained shareholder approval.
"One of our key priorities going forward is to reduce our leverage by around a billion dollars in the next 12 months from the internal cash flows and other strategic initiatives on the portfolio," Chatterjee said.
"This quarter, despite a seasonally weaker period, we sold 4.32 million tonnes across Tata Steel Standalone and Bhushan Steeel. We continue to work on our strategy of increasing our Indian footprint as we ramp up operations at Bhushan Steel and implement our 5mtpa expansion at our Kalinganagar," company's Managing Director and CEO T.V. Narendran said.
He said the company remained positive on steel demand outlook especially in India, the risk of trade wars and increasing imports remains a concern.
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