Steel major Tata Steel on Friday said its consolidated net profit more than doubled to Rs 9,598.16 crore for the quarter ended December 2021, mainly on account of higher income.
In a regulatory filing, the company said it had clocked a net profit of Rs 4,010.94 crore in the year-ago period.
Total income during the October-December quarter also jumped to Rs 60,842.72 crore, from Rs 42,152.87 crore earlier.
The company’s expenses rose to Rs 48,666.02 crore from Rs 36,494.91 crore.
In a separate statement, the company said crude steel production increased to 7.76 million tonnes (MT) during the quarter, from 7.74 MT in the year ago period. During the quarter, sales were at 7.01 MT, down from 7.41 MT earlier.
Tata Steel CEO and MD T V Narendran said 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 realizations,” he said.
Tata Steel has also conducted trials to inject coal bed methane gas into a blast furnace in a bid to reduce emissions, he said, adding it has become the first company in the world to conduct such a trial.
The company’s 5 MTPA 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, he noted.
“We will leverage our retail brands and pan India distribution network to drive scale, profitability and cashflows,” Narendran said. India-headquartered Tata Steel Group is among the top global steel companies with an annual capacity of 34 MT. PTI ABI ABM ABM
