This year's Economic Survey and the Union Budget were more closely followed for more reasons than one.
According to insiders, Chatterjee shares a good rapport in the group, as well as with bankers, thanks to the fact that he was instrumental in raising finances for Tata Steel's $12.1-billion Corus acquisition.
Tata Steel on Wednesday reported a 272 per cent year-on-year (Y-o-Y) jump in consolidated net profit, attributable to owners, at Rs 3,101.75 crore in the second quarter of 2025-26 (Q2FY26) led by higher sales volumes in India and planned cost takeouts across geographies.
'Due to tariff uncertainty, automotive customers reduced their steel uplift by almost 15 per cent.'
'The steel industry has a multiplier effect on direct and indirect employment, national security on the supply chain, technology access etc.'
Tata Steel's consolidated net profit more than doubled to Rs 2,007.36 crore during the June quarter, on account of "increase in net steel realisations and the planned cost-takeouts" across geographies. The Tata Group entity had posted a net profit of Rs 918.57 crore in the year-ago period.
New MD likely to be announced by December-end or first week of January.
Tata Steel, India's largest steelmaker, has consolidated all its overseas assets including Corus under a new holding company, Tata Steel Global, to raise funds for its overseas expansion including future acquisitions.
'In India, mega projects in any sector face initial hurdles. That's a reality for all companies or sectors. We need to have the tenacity and perseverance, which we have,' says Koushik Chatterjee, CFO, Tata Steel.
Speaking on the sidelines of CII annual regional meeting in Kolkata on Tuesday, Tata Steel group CFO Koushik Chatterjee confirmed that production cut continues to be around 40 per cent. Exuding confidence that the company will be able to save 600 million pounds by March as envisaged, Chatterjee said, "The cost saving measures are on track at Corus in line with the target."
The Indian steelmaker, which bought the Mozambique project with Australia-listed Riversdale Mining, sees the mine as essential in ensuring it has a sustainable supply of coking coal.
At a time when software companies were reporting disappointing results on account of this, an unperturbed Chatterjee said Tata Steel would reap significant benefits from the new exchange rate, which would be disclosed with its results.
The company said it had extended financial support to the UK business.
Tata Steel delivered one of its best financial performances ever in the third quarter of the current financial year, and surpassed its deleveraging target of $1 billion. In an interview, Koushik Chatterjee, executive director and chief financial officer, Tata Steel, tells Ishita Ayan Dutt that the company will continue to focus on deleveraging but profitable and value-added growth will be equally important.
It is not clear at this stage whether Tata will take up the government's offer of taking a 25 per cent stake in the business.
Overall, Tata Steel becomes the seventh non-financial firm, including four oil PSUs to report quarterly revenues of Rs 50,000 crore.
The verdict could force steelmakers to cut output or import expensive iron ore.
At the end of 2018-19, the Tata group had a consolidated debt of Rs 2.77 trillion. Tatas not only plan to avoid big-ticket acquisitions for now, the group's main focus will be on improving key metrics and reduce debt, say Shally Seth Mohile & Dev Chatterjee.
The government has provided a long-term vision.
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