Tata Steel elects Natarajan Chandrasekaran as Chairman; reports Q3 profit of Rs 231 crore

New Delhi: The board of directors of Tata Steel on Tuesday elected Tata Sons chief designate Natarajan Chandrasekaran as the chairman of the company.

"The Board of Directors today elected N Chandrasekaran as the Chairman of the Board. Chandrasekaran was appointed as a Member of the Board on January 13, 2017," Tata Steel said in a statement today.

After Tata Sons and Tata Motors, Tata Steel became the third company of the Tata Group to appoint the ex-CEO of TCS as the company's chairman.

Following the ouster of Cyrus Mistry as the chairman of Tata Sons on October 24, a move that took the corporate world by shock, N Chandrasekaran was appointed as his replacement on January 12, 2017.

Chandra, as he is lovingly known, will officially take charge of Tata Sons from February 21.

The former CEO of TCS was also on January 17 appointed as the Chairman of Tata Motors with immediate effect.

Meanwhile, Tata Steels on Tuesday reported a consolidated Q3 net profit at Rs 231 crore against loss of Rs 2,747.7 crore in the same quarter of previous fiscal.

It had registered a consolidated net loss of Rs 2,747.7 crore in the same quarter of the previous fiscal.

The consolidated gross sales increased to Rs 29,279 crore, from Rs 25,662.3 crore in the year-ago period.

In a statement, the company said: "Consolidated revenues (are) up by 7 percent sequentially and 14 per cent year-on-year. The growth is largely driven by strong performance from Indian operations."