OREANDA-NEWS. Tata Steel Group (“the Group”) today declared its Consolidated Financial Results for the first quarter ended June 30, 2013. Group profits for the quarter were ‘1,139 crores compared to a loss of ‘6,529 crores in Q4 FY’13 and profit of ‘598 crores in Q1 FY’13. This improvement was on the back of robust performance by the Indian operations and improved performance at the European operations.

Group Performance Highlights:

Group steel deliveries in Q1 FY’14 were 6.08 million tonnes versus 6.56 million tonnes in Q4 FY’13, and 5.68 million tonnes in Q1 FY’13.

Group consolidated turnover was ‘32,805 crores in Q1 FY’14 compared to ‘34,650 crores in Q4 FY’13 and ‘33,821 crores in Q1 FY’13.

Group EBITDA was ‘3,755 crores in Q1 FY’14 compared to ‘4,368 crores in Q4 FY’13 and ‘3,581crores in Q1 FY’13.

Group profit before tax for Q1 FY’14 was ‘1,494 crores versus a loss of ‘5,576 crores in Q4 FY’13 and a profit of ‘1,416 crores in Q1 FY’13. The Q4 FY’13 loss included non-cash impairment charges of ‘8,356 crores.

Group Profit after Tax (after minority interest and share of profit of associates) for Q1 FY’14 improved by ‘7,668 crores to ‘1,139 crores from the loss of ‘6,529 crores in Q4 FY’13. Group profit was ‘598 crores in Q1 FY’13.

Cash and cash equivalents as on 30th June, 2013 were ‘10,178 crores and net debt was ‘61,289 crores. Total liquidity including undrawn credit lines was ‘17,144 crores.

India

The Indian operations recorded robust performance despite softer markets, weakening economic conditions and a seasonally weak quarter.

Best ever production was achieved for hot metal and from the Thin Slab Casting and Rolling Plantt while several facilities such as LD#3, the Cold Rolling Mill, the New Bar Mill and the Merchant Mill achieved best ever quarterly production.

Deliveries totalled 2 million tonnes in Q1 FY 2013-14 (Q1 FY’14) compared to 1.59 million tonnes in Q1 FY 2012-13 (Q1 FY’13), an increase of 25.8% primarily due to the ramp up of capacity at Jamshedpur. Deliveries in Q4 FY’13 were 2.28 million tonnes. Q1 FY’14 volumes were lower on quarter-on-quarter basis due to seasonal effects.