The operational improvement continued in Europe as the upgraded asset base produced the largest volume of liquid steel on a like-for-like basis for more than five yeas

Liquid steel production in Q3 FY’14 increased to 3.91 million tonnes from 3.86 million tonnes in the previous quarter. Q3 FY’14 production was 19% higher than the 3.29 million tonnes produced in Q3 FY’13.

Deliveries increased to 9.79 million tonnes in 9M FY’14, compared to 9.65 million tonnes in 9M FY’13. Q3 FY’14 deliveries were lower at 3.19 million tonnes compared to 3.46 million tonnes in Q2 FY’14 due to seasonal weakness but increased by 6% from 3.02 million tonnes in Q3 FY’13.

Sale volumes of differentiated products rose by 14% in 9M FY’14 compared to the previous year, highlighting the success of our strategy in a fiercely competitive market.

Turnover in 9M FY’14 was INR 60,290 crores versus INR 58,846 crores in the previous year. Q3 FY’14 turnover was INR 20,709 crores compared to INR 21,149 crores in Q2 FY’14 and INR 18,126 crores in Q3 FY’13.

9M FY’14 EBITDA was INR 2,191 crores, a significant improvement from INR 152 crores in 9M FY’13. Q3 FY’14 EBITDA was INR 860 crores compared to INR 554 crores in the previous quarter and the EBITDA loss of INR 428 crores in Q3 FY’13.

The quarter also marked some important customer wins and product innovations. The company secured significant orders for the supply of high-quality rail to the national rail operators in France and the UK. The French contract for 200,000 tonnes of rail justifies the investment in our capability to make longer and wear-resistant rail.