During the quarter, the Indian business faced strong market headwinds in terms of weak steel demand and a surge in low priced imports, which led to significant softening of the domestic steel prices. In addition, regulatory challenges led to disruptions in our mining operations.

Despite all these challenges, deliveries remained steady in a weak environment and crude steel production increased marginally with the best ever Q3 production at the Pellet Plant, the New Bar Mill, the Wire Rod Mill and the Cold Rolling Mill.

It said “In addition, our focus on segments such as Automotive and Special products, Branded and Retail products and value added products helped mitigate the impact on profitability. Sales to the Automotive and Special Products segment increased by 20% over the last year while deliveries to the high-end segment were up by 22% YoY. Sales of the Branded Products, Retail and Solutions segment increased by 12% over the previous year, while retail sales were up by 18% over the same period.”

1. Hot metal and crude steel production totalled 2.38 million tonnes and 2.29 million tonnes respectively in Q3 FY‟15, while saleable steel production increased to 2.22 million tonnes.

2. Deliveries in 9M FY‟15 increased to 6.34 million tonnes versus 6.11 million tonnes in 9M FY‟14. Q3 FY‟15 deliveries increased to 2.13 million tonnes versus 2.11 million tonnes in Q2 FY‟15 and 2.07 million tonnes in Q3 FY‟14.

3. Turnover in 9M FY‟15 was INR 31,150 crores compared to INR 29,520 crores in 9M FY‟14. Q3 FY‟15 turnover declined to INR 9,897 crores from INR 10,785 crores in the previous quarter and INR10,143 crores in Q3 FY‟14. The sequential drop in turnover was mainly driven by softer domestic steel prices.

4. 9M FY‟15 EBITDA declined to INR 8,441 crores from INR9,229 crores in 9M FY‟14. Q3 FY‟15 EBITDA declined to INR 1,979 crores compared to INR 3,196 crores in Q2 FY‟15 and INR 3,131 crores in Q3 FY‟14.

5. Profit after tax in 9M FY‟15 was INR 5,625 crores compared to INR 4,434 crores in 9M FY‟14. Q3 FY‟15 profit was INR 881 crores compared to INR 2,476 crores in Q2 FY‟15 and INR 1,519 crores in Q3 FY‟14. Profits for 9M FY‟15 included exceptional gains of INR 1,935 crores from the sale of land at Borivali and investments in Dhamra Port Company.