Tata Steel on Friday reported a 53 percent year-on-year (YoY) jump in net profit at Rs 1,751 crore for the third quarter ended December 2018 on higher income.

In the corresponding quarter last year, the company posted a net profit of Rs 1,144 crore. CNBC-TV18 Polls had predicted a profit of Rs 2,205 crore for the quarter under review.

Consolidated revenue from operations of the company stood at Rs 41,220 crore for the quarter under consideration as against Rs 33,447 crore for the same period a year ago.

EBITDA for Q3 of current fiscal also saw a jump of 18 percent at Rs 6,717 crore compared to Rs Rs 5,697 crore same quarter in FY'18.

The acquisition process of Usha Martin's steel business is being carried out through Tata Sponge Iron Limited, a subsidiary of Tata Steel and transaction is expected to close in 4QFY19, the company said. The company also divested its remaining 26.62 percent equity stake in TRL Krosaki, for Rs 305 crore.

Tata Steel's market share in automotive segment sales increased by 24 percent YoY; industrial products and projects segment sales grew by 29 percent YoY and branded products, retail & solutions segment sales grew by 16 percent YoY, Tata Steel said in a BSE filing.

Commenting on the results, TV Narendran, chief executive officer and managing director, said, "Despite a sharp drop in international steel prices, we were able to maintain our overall realizations and increase our volumes significantly in India. The integration of Tata Steel BSL continues and our 5 MTPA expansion at Tata Steel Kalinganagar is also making good progress. We are also looking forward to enhancing our long products and downstream capability through the acquisition of the 1 MTPA steel business of Usha Martin."

Shares of Tata Steel settled at Rs 469.55 apiece, down by 3.70 percent on the BSE.

First Published:Feb 8, 2019 4:28 PM IST