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Tata Steel net profit jumps to Rs 3,116 cr in Q2

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Mumbai, Nov 13 (IANS) Tata Steel on Tuesday reported that its consolidated net profit jumped to Rs 3,116 crore during the quarter ended September 30, in the current fiscal as compared to Rs 1,018 crore in the year-ago period.

Consolidated revenues increased to Rs 43,544 crore as compared to Rs 32,464 crore in the corresponding quarter last year.

“This has been one of the best ever quarters for Tata Steel India on the back of strong operating and market performance with the EBIDTA margin of 34 per cent and in excess of Rs 19,000 per tonne,” company’s Executive Director and CFO Koushik Chatterjee said.

He said the Bhushan Steel integration and synergies have been on track and that is reflected in the Bhushan Steel EBIDTA margin of Rs 10,291 per tonne..

“On the back of a strong India performance, the consolidated results of the company for the quarter reported 20 per cent EBIDTA margin despite an operationally weak quarter in our Europe operation due to unplanned shutdowns and stoppages both in Ijmuiden and Port Talbot,” he said.

During the quarter, the group generated operating cash flows of Rs 7,769 crore and its liquidity position remained strong at Rs 26,470 crore, including Rs 14,478 crore of cash and cash equivalents, he said, adding that Tata Steel will financially support Tata Sponge in the rights issue that will be used for the acquisition of the Steel Business of Usha Martin which had on Monday obtained shareholder approval.

“One of our key priorities going forward is to reduce our leverage by around a billion dollars in the next 12 months from the internal cash flows and other strategic initiatives on the portfolio,” Chatterjee said.

“This quarter, despite a seasonally weaker period, we sold 4.32 million tonnes across Tata Steel Standalone and Bhushan Steeel. We continue to work on our strategy of increasing our Indian footprint as we ramp up operations at Bhushan Steel and implement our 5mtpa expansion at our Kalinganagar,” company’s Managing Director and CEO T.V. Narendran said.

He said the company remained positive on steel demand outlook especially in India, the risk of trade wars and increasing imports remains a concern.

He further said, “We are making good progress on the TSE ThyssenKrupp JV. We are in discussions with the European Commission for the phase II review which typically takes 90 days.”

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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