#A3RT ``TRUST AND TRADE``

#TataSteel on January 24 swung to a consolidated net profit of Rs 522.14 crore in the October-December quarter, from a net loss of Rs 2,501.95 crore in the same quarter of the previous year, helped by robust domestic demand offsetting weakness in Europe.

The company had reported a net loss of Rs 6,511.16 crore in the second quarter due to impairment charges.

The consolidated revenue from operations for the Tata Group company during the October-December quarter fell three percent to Rs 55,311.9 crore compared to Rs 57,083.56 crore recorded in the year-ago period. On a sequential basis, consolidated revenue from operations declined 0.7 percent from Rs 55,681.93 crore in the previous quarter.

The company was expected to report a consolidated net profit of Rs 702.70 crore and consolidated revenue of Rs 56,400.50 crore, with a 1.3 percent on-quarter increase driven by higher sales realisation in Indian operations and increased sales volume in India.

Steel companies benefitted in India from an uptick in steel prices amid strong demand fueled by heavy infrastructure spending by the government, but higher coking coal costs weighed on the gains. The companies may not have been able to pass on the full impact of rising costs due to the availability of cheaper Chinese imports in the market.

Follow Me Here On Twitter @arbindtiwariT