According to its financial report, the largest Indian steelmaker Tata Group increased its net profit by 72 percent year on year in the first quarter of the current year to $937 million, stating that rising steel prices contributed to its good performance.
Koushik Chatterjee, CFO of Tata Group, said that the Q1 net profit figure exceeded their expectations. In the given period, the total sales revenue of the group amounted to $7.59 billion, rising by 23 percent year on year.
At the end of March this year, Tata sold its UK-based subsidiary Teesside Cast Products to Thailand-based steel company Sahaviriya Steel Industries Public Co. for $561 million. The sales proceeds were included in the first quarter net profit figure.