MUMBAI - Tata Steel Ltd reported its first profit in five quarters on Tuesday helped by higher sales of industrial products and steel for the auto sector and a rise in exports despite India's surprise ban on high-value currency notes which hurt several sectors. Tata reported a consolidated net profit of 2.32 billion rupees ($34.4 million) for the three months to Dec. 31, the company said in a statement, beating street estimates of 1.74 billion. That compared with a loss of 27.48 billion rupees a year earlier.
Revenue rose 14 percent to 293.92 billion rupees. "Tata Steel recorded strong sales this quarter as the strength of our franchise helped us counter headwinds due to de-monetisation," T.V. Narendran, managing director of Tata Steel India and South East Asia, said in a statement.
Prime Minister Narendra Modi's ban on old 500 and 1000 rupee bills deflated businesses across India. Tata Steel, which also has operations in Europe, said its UK subsidiary had reached an agreement with trade unions to progress towards closing a pension scheme.
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