Indian steel giant Tata Steel surprised analysts by reporting a profit in the third quarter of fiscal year 2024/2025 (October-December 2024) despite weak performance in Europe and falling domestic prices. The company's net profit for the period decreased by 38% year-on-year to Rs 3.2 billion ($37.1 million), against analysts' expectations of a Rs 2.84 billion loss.

Revenue for Tata Steel in Q3 dropped by 3% y/y, amounting to Rs 536.48 billion. The unexpected profit was driven by strong sales in India, totaling 5.29 million tons, an 8% increase y/y. The domestic market now represents 70% of Tata Steel's total shipments.

CEO and Managing Director T.V. Narendran noted that global operating conditions are influenced by geopolitical factors and economic downturns. He highlighted that China's steel exports, which averaged 9 million tons per month in 2024, have pressured global and domestic prices. Narendran also mentioned ongoing growth plans in Kalinganagar, focusing on high-quality automotive products and emission reduction technologies in European facilities.

Tata Steel increased its steel production in India by 5% y/y to 16.2 million tons in the first nine months of FY 2024/2025.