Despite continuing challenging market conditions, Tata Steel on Tuesday announced a consolidated net profit of Rs. 503 crore for the third quarter ended December 2013, against a loss of Rs. 763 crore in the corresponding period of the previous year. The consolidated turnover stood at Rs. 36,736 crore (Rs .36,645 crore) and the operating profit at Rs. 3,921 crore (Rs. 2,252 crore).

In a statement, Koushik Chatterjee, Group Executive Director (Finance & Corporate) said, “the market conditions continue to be challenging in all geographies with contracted spreads between steel realisations and raw material prices. We have been able to stabilise the gross debt levels excluding the translation impact even as we continue to execute the planned capex especially on the greenfield project in Odisha which remains a key priority for the company.”

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