The European operations maintained the improvement in underlying performance on the back of upgrades at key production facilities at Port Talbot and IJmuiden in Q4 which helped strengthen the operating platform.

a) Deliveries totaled 3.14 million tonnes in Q1 FY’14, slightly lower than the 3.21 million tonnes in Q1 FY’13 largely due to soft market demand. Deliveries were 3.42 million tonnes in Q4 FY’13.

b) The increase in production was accompanied by an improvement of 5% in the proportion of differentiated products in the June quarter alone and closer relationships with global OEMs in core home and regional markets. This focus was complemented by further rigorous management of costs and cash flows.

c) Turnover in Q1 FY’14 was INR 18,432 crores versus INR 19,166 crores in Q4 FY’13 and INR 20,406 crores in Q1 FY’13. Average revenue per tonne increased in Q1 FY’14 compared to Q4 FY’13.

d) Q1 FY’14 EBITDA was INR 777 crores; an increase over the Q4 FY’13 EBITDA of INR 613 crores and the INR 620 crores in Q1 FY’13 due to improved core capabilities.