Tata Steel Ltd on Friday posted a five-fold rise in third-quarter profit, boosted by strong volume growth in India and increasing steel prices.

"Global steel prices have been buoyant with improved trade position in China along with cost push from raw materials," Chief Executive Officer T V Narendran said. bit.ly/2H0Vjkk

Quarterly total steel deliveries climbed about 8 percent to 6.56 million tons, with Indian deliveries contributing about 50 percent of the total.

Total revenue from operations grew 15 percent to 334.47 billion rupees, with revenue from Indian operations up 22 percent.

For the quarter ended Dec. 31, profit was 12.94 billion rupees ($200.99 million), compared with 2.43 billion rupees in the same period a year earlier, the steelmaker said in a statement. bit.ly/2H0MXJu

Analysts on average had expected a profit of 13.92 billion rupees, according to Thomson Reuters data.

The company also incurred exceptional charges of 11.15 billion rupees on provisions in respect of certain demands and claims from regulatory authorities in India.

Shares of the company ended 2.06 percent higher in a Mumbai market that ended 1.1 percent lower.

 

Source: in.reuters.com

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