However, consolidated revenue declined 18 per cent y-o-y to Rs 29,305 crore as against analysts expectation of Rs 28,504 crore.
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Cipla: Drug major Cipla posted a consolidated net profit of Rs 431.24 crore for the quarter ended September 30, 2015, and said it expects growth in the second half of 2015-16 to be lower than the first half, while maintaining a positive outlook for the whole fiscal.
Steel giant Tata says it is still looking at options for the future of its Long Products division, which has sites at Lackenby and Skinningrove on Teesside, as it reported a surprise 22% rise in quarterly profits. Karl-Ulrich Kohler, CEO, Tata Steel Europe said that the company has been successful in improving its Netherland operations at a gross profit level, United Kingdom remains a problem where the restructuring will continue with cost reductions being the top priority.
The Tata Steel logo is seen at the Tata Steel rails factory in Hayange, Eastern France.
The company has incurred an impairment loss of ₹7,772 crore in UK Strips business, specialty and bar mill and other units in Europe.
The net impact of these various provisions was a notional outgo of Rs 563.74 crore.
At 9:40 am, the stock was down 4.04% at Rs 216 on the NSE.
The Southeast Asian operations continue to be impacted by rising imports from China. The impairment and other charges totaled up to Rs 10,269 crore, most of which were balanced out because of net one-time credit of Rs 8,570 crore on restructuring of British Steel Pension Scheme (BSPS) scheme and Rs 1,113 crore net one-time credit on reclassification of main pension scheme in the Netherlands.
Tata Steel in the United Kingdom is facing a structurally challenging environment of weak domestic manufacturing demand, surging imports, a strong pound and steep regulatory and business costs, it said. However, our renewed focus on cost savings and increasing downstream sales and exports has helped offset the declining realisations and generated a turnaround in performance, he added.
Further the relatively strong currency exacerbated the problem.
It is expected that the policy reforms undertaken by the government will manifest gradually in the underlying domestic steel demand over the next two years, Tata Steel said.
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However, Tata said the New Delhi government had raised import tariffs at the end of September in an attempt to stem the flood of cheap steel into India. The meeting was called for by Business Secretary Sajid Javid, who is also lobbying the European Union for permission to give British steel makers tax relief, as it is classed as state aid.
