Tata Steel’s third quarter net profit has more than doubled owing to higher income
New Delhi:
Tata Steel has said that its consolidated net profit more than doubled to Rs 9,598.16 crore for the quarter ending December 2021, mainly owing to higher income.
The steel behemoth informed through a regulatory filing that it had registered a net profit of Rs 4,010.94 crore in the corresponding period of last year.
The company’s total income during the October-December quarter also jumped to Rs 60,842.72 crore, from Rs 42,152.87 crore in the corresponding period.
Its expenses climbed to Rs 48,666.02 crore from Rs 36,494.91 crore, while its crude steel production increased to 7.76 million tonnes during the quarter, from 7.74 million tonnes in the year ago period.
During the third quarter of the current fiscal, Tata Steel’s sales however were at 7.01 million tonnes, down from 7.41 million tonnes earlier.
Tata Steel CEO and managing director T V Narendran said that domestic steel demand has begun to improve on the back of continued economic recovery as the third wave of Covid-19 begins to ebb.
The company’s steel deliveries in India expanded by 4 per cent in the first nine months of the financial year, along with an improvement in product mix.
“We continue to drive value accretive growth in our chosen segments and our performance in key segments such as auto was robust despite the sector being impacted by the semiconductor shortage. Our European operations continue to perform underpinned by strong improvement in realisations,” he said.
The company’s 5 million tonnes per annum expansion in Kalinganagar, including the pellet plant is progressing well. Tata Steel Long Products has been declared the winning bidder for Neelachal Ispat Nigam Limited. This will enable the company to significantly ramp up its long products portfolio and benefit from the growth in infrastructure in the country and retail housing growth in semi-urban India, Mr Narendran noted further.