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Tata Steel – first quarter FY11 results

Tata Steel has announced its first quarter FY11 results. The company’s Q1 standalone net profit was up 100% at Rs 1,579.39 crore versus Rs.789.83 crore, year-on-year, YoY.

Its Q1 standalone net sales were up 16.51% at Rs 6,471.27 crore versus Rs 5,554.02 crore, YoY.

Q1FY11 consolidated

The company’s consolidated net profit was at Rs 1,825.3 crore versus net loss of Rs 2,208.7 crore, YoY.

Its consolidated net sales were up at Rs 27,010.1 crore versus Rs 23,180.5 crore, YoY..

According to CNBC-TV18 estimates, its consolidated profit after tax was expected at Rs 2,231 crore and consolidated sales were seen at Rs 27544 crore.

Commenting on the results Koushik Chatterjee, Group CFO, Tata Steel said that the company has witnessed good gains in steel prices this month and now prices have slided owing to weak seasonal demand, . On an optimistic note he added that average Indian steel consumption will remain positive.

He explained that the turnover in the April-June quarter was higher on account of increased volumes. Chatterjee added that the next quarter will see large visibility. However he was quick to add that there was an unfortunate fatality in UK this quarter

This entry was posted on Thursday, August 12th, 2010 at 7:20 pm and is filed under Market News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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