Tata Steel Ltd. posted a September-quarter profit, boosted by strong volume growth following the ramp-up of its Kalinganagar plant in India.
Consolidated quarterly total steel deliveries were up 15% to 6.45 million tonnes, with Indian deliveries contributing about 48% of the total.
Net profit was ₹1,018 core in the quarter ending September 30, missing analysts’ estimates of a profit of ₹1,678 core. The steelmaker had posted a loss of ₹493.8 million for the same period a year earlier.
Deliveries from India operations grew 17% year-on-year to 3.08 million tonnes in the quarter. Shares of Tata Steel closed 1.18% lower ahead of the results in a Mumbai market that gained 0.39%.
