Tata Steel Posts Q4 Profit At Rs 14,688 Crore
Tata Steel Ltd was helped to a quarterly profit of Rs 14,688 crore ($2.17 billion) by a one-off pensions gain, in contrast with an Rs 1,168 crore loss a year earlier.
The Indian steelmaker on Wednesday reported an exceptional gain of Rs 11,376 crore in the quarter to the end of March, which included a non-cash gain of Rs 14,077 crore relating to the restructuring of its British pension scheme.
Britain's pensions regulator agreed last year to allow Tata Steel UK to cut pension scheme liabilities, the main stumbling block in Tata's efforts to merge its European operations with Germany's Thyssenkrupp.
In the same quarter last year, Tata Steel booked charges of Rs 4,069 crore, including curtailment charges relating to the closure of Tata Steel Europe's pension scheme.
Income from operations in the quarter rose by 2.6 per cent to Rs 35,737 crore, the company said in a statement. It also reported a decline of about 5.9 per cent in total steel deliveries for the fourth quarter, while domestic deliveries slipped 5.6 per cent to 3.03 million tonnes.
Tata Steel shares were 0.8 per cent lower ahead of its results on Wednesday.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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