INSUBCONTINENT EXCLUSIVE:
Tata Steel on Tuesday reported a 269.31 per cent jump in profit to Rs 3,604.21 crore (attributable to the owners) for the quarter ended
The company had posted a profit of Rs 975.87 crore for the year ago period.
Analysts in an ET NOW poll had estimated a profit of Rs 2,455
crore.
Net sales of the company rose 34.10 per cent to Rs 43,544.10 crore over Rs 32,464.14 crore on a yearly basis.
Consolidated ebitda
jumped 84 per cent to Rs 8,920 crore over Rs 4,720 crore a year ago.
Margins came in at 26.50 per cent against 14.50 per cent last
year.
“Gross debt during the quarter increased by Rs 2,065 crore, primarily due to adverse forex impact of Rs 3,528 crore
Net debt was flat at around Rs 1,04,202 crore,” the company said in a release.
The liquidity position of the group remains robust at Rs
26,470 crore comprising of Rs 14,478 crore in cash and cash equivalents and Rs 11,992 crore in undrawn bank lines.
Commenting on the
results, T V Narendran, CEO Managing Director said: “Tata Steel Group has delivered extremely strong results this quarter driven by
robust operational performance and favorable business conditions in India
This quarter, despite a seasonally weaker period, we sold 4.32 million tons across Tata Steel Standalone and Bhushan Steel
This demonstrates our strong customer relationships and the strength of our marketing franchise
We continue to work on our strategy of increasing our Indian footprint as we ramp up operations at Bhushan Steel and implement our 5 mtpa
expansion at Tata Steel Kalinganagar.”
