Tata Steel reported a profit in Q3 fiscal year 2024/2025

Indian steel company Tata Steel unexpectedly reported a profit in the third quarter of fiscal year 2024/2025 (October-December 2024) despite weak performance in Europe and falling domestic prices amid rising steel production in India. This is reported by Bloomberg.

The company’s net profit in the period decreased by 38% year-on-year – to Rs 3.2 billion ($37.1 million). However, analysts had expected a loss of 2.84 billion rupees.

Tata Steel’s revenue in October-December 2024 fell by 3% y/y, amounting to Rs 536.48 billion.

The results of the third quarter of 2024/2025 fiscal year were driven by sales in India (5.29 million tons, +8% y/y). The domestic market accounts for 70% of the company’s total shipments, although their growth rate decreased in October-December.

Tata Steel CEO and Managing Director T. V. Narendran, commenting on the company’s overall results for 9 months of FY2024/2025, noted that the global operating landscape continues to be shaped by geopolitical factors and the ongoing economic downturn in key regions. According to him, China’s steel exports, which averaged 9 million tons per month in 2024, have lowered prices around the world, including in India.

T.V. Narendran also noted that the company continues to implement its growth plans in Kalinganagar, strengthening its position in selected segments, in particular, in the supply of high-quality products for the automotive industry, and the introduction of emission reduction technologies at European enterprises,

Tata Steel increased steel production in India by 5% y/y – to 16.2 million tons in 9M2024/2025.