Tata Steel on Friday reported a 54.33 per cent jump in consolidated net profit to Rs 1,753.07 crore during the quarter ended on December 31, 2019, helped by higher income.
The company had posted a net profit of Rs 1,135.92-crore for the same quarter a year ago, according to a regulatory filing.
Total income on consolidated basis jumped to Rs 41,431.37 crore during October-December 2018, from Rs 33,672.48 crore in the year-ago quarter, the company said.
Its total expenses during the said quarter were at Rs 38,362.03 crore as against Rs 30,552.03 crore in the corresponding period of the previous fiscal.
In a statement, Tata Steel CEO and Managing Director T V Narendran said, "Tata Steel is committed to growing its India footprint while focusing on benchmark operational performance, superior market presence, strong customer relationships and sustainability."
He further said that the phase II review of the Tata Steel Europe-ThyssenKrupp JV is ongoing and "we are closely working with the european commission to facilitate the same."
Koushik Chatterjee, Executive Director and CFO of Tata Steel said: "The short-term finance taken for Tata Steel BSL acquisition has been refinanced with long-term loans of Rs 15,500 crore."