Tata Steel returned to profit in the first quarter of this year after a loss a year ago, helped by the ramp up of its Kalinganagar plant in Odisha.
Revenue in the quarter jumped 19 percent, aided by increased capacity in India and Tata's restructuring efforts in Europe, said Koushik Chatterjee, group executive director (Finance and Corporate). Consolidated revenue from operations during April-June was at Rs 30,973 crore, registering an increase of 19 percent.
The steelmaker's net profit came in at Rs 921 crore in the quarter ended 30 June on the back of higher revenue from operations, compared to a loss of Rs 3,183 crore a year earlier.
It said it expected to conclude a deal with the British regulator "shortly" to allow it to cut benefits for its 15 billion pound UK pension scheme. The scheme is the main stumbling block in Tata's efforts to merge its European operation's with Germany's Thyssenkrupp.
Tata Steel returned to profit in the first quarter of this year after a loss a year ago, helped by the ramp up of its Kalinganagar plant in Odisha.
Revenue in the quarter jumped 19 percent, aided by increased capacity in India and Tata's restructuring efforts in Europe, said Koushik Chatterjee, group executive director (Finance and Corporate). Consolidated revenue from operations during April-June was at Rs 30,973 crore, registering an increase of 19 percent.
The steelmaker's net profit came in at Rs 921 crore in the quarter ended 30 June on the back of higher revenue from operations, compared to a loss of Rs 3,183 crore a year earlier.
It said it expected to conclude a deal with the British regulator "shortly" to allow it to cut benefits for its 15 billion pound UK pension scheme. The scheme is the main stumbling block in Tata's efforts to merge its European operation's with Germany's Thyssenkrupp.
Source: firstpost