New Delhi: Domestic private sector steel giant Tata Steel Thursday reported a sharp 84.37 per cent fall in consolidated net profit at Rs 2,295.25 crore during the fourth quarter ended March 31, 2019. The company had clocked a net profit of Rs 14,688.02 crore in the corresponding quarter of the previous fiscal, Tata Steel said in a BSE filing.
However, total consolidated income of the company rose to Rs 42,913.73 crore in January-March 2019, from Rs 33,983.74 crore in the same quarter in the preceding fiscal.
Despite subdued steel markets and weak growth in our key customer segments, this year our volumes in India grew by over 33 per cent leading to a significant improvement in our overall profitability and cashflows,” Tata Steel’s chief executive and managing director T V Narendran said in a statement. Total expenses of the company stood at Rs 38,728.87 crore during the quarter under review as against Rs 30,237.22 crore in the year-ago period.
The company also announced that the Board of Directors of Tata Steel and Tata Steel BSL (Bamnipal Steel), formerly Bhushan Steel, have proposed a merger of both the companies in a merger ratio of 15 shares of Tata Steel BSL for every 1 share of Tata Steel. Shares of the company closed at Rs 510.90 apiece on the BSE, down 2.74 pc from the previous close.
