Tata Steel has released its Q1 FY15 financial results for the period ending June 30 2014 and claims that operational performance across 'all geographies' has improved
The company's Indian operations continue to perform strongly, claims the company, and there are improvements over the previous year 'on all parameters'.
In Europe, turnover was £2 billion (€2.52bn, $3.45bn) and EBIT was £13.2 million (€16.5m, $22.6m), up from last year's figure of £1.3 million (€1.5m, $2m).
European production rermained unchanged from last year and stood at 3.7Mt while deliveries totalled 3.2Mt, up from 3.14Mt last year.
Turnover for the Tata Steel Group reached £3.54 billion (€4.42bn, $6.05bn) and profit after tax was £32.7 million (€40.9m, $56m), 70% down in rupees on Q1 last year.
Group profit after tax was £32.7 million (€40.9m, $56m), which was 70% down in rupees on the same period last year.
Deliveries totalled 6.46Mt, which was 6.25% up on Q1 FY14.
T V Narendran, managing director of Tata Steel India and South East Asia, said, “The economic sentiment has improved in India after the general elections and the new government has been clearly communicating its intentions to bring the economy back to the growth path. Government's thrust on development of core industries like housing and infrastructure should boost steel demand in the coming quarters."
Dr Karl-Ulrich Köhler, MD & CEO of Tata Steel in Europe, said: “European steel demand is moving in the right direction. Though demand remains well below levels we would regard as healthy, we can see greater stability emerging in the markets we serve."
Koushik Chatterjee, Group Executive Director (Finance and Corporate), said, "Tata steel’s profitability has improved in key geographies with Indian and European operations registering EBITDA margin expansion as compared to the last year.