PINAKI MAJUMDAR
Jamshedpur, May 4: Tata Steel has announced its financial results for the last quarter and the financial year that ended on March 31, 2022.
The company’s consolidated reported Profit After Tax (PAT) for the March 2022 quarter rose to Rs 9,835 cr as compared to Rs 7,162 cr in the corresponding quarter of the last fiscal.
For the full year which ended on March 31, 2022, the company’s PAT rose to Rs 41,749 cr, significantly higher than Rs 8,190 cr reported in the last financial year.
The consolidated turnover for FY22 stood at Rs 243,959 cr as compared to Rs 156,477 cr of the previous fiscal.
Consolidated turnover for the fourth quarter ended March 31, 2022, stood at Rs 69,324 cr as compared to Rs 50,028 cr in the corresponding quarter of the last financial year.
The Board of Directors recommends a dividend of Rs. 51 per fully paid equity share and Rs 12.75 per partly paid equity shares. A 10:1 stock split is also recommended.
T. V. Narendran, chief executive officer and managing director, said: “Tata Steel has again demonstrated its ability to deliver stellar results despite heightened complexity in the face of Covid as well as geopolitical tensions. Our Indian business showed broad-based growth across our chosen segments due to our sustained focus on customer relationships, our distribution network and our portfolio of brands supported by our agile business model. Our European operations delivered robust performance as the transformation programme undertaken helped to leverage the strong business environment. We have pursued several initiatives to de-risk the business, particularly across procurement and supply chain and continue to invest in technology and digitisation to drive productivity and improve our resilience.”
He went on to say that the Kalinganagar expansion is progressing well and will drive cost savings as well as product mix enrichment.
“The acquisition of Neelachal Ispat Nigam Limited will be closed in the first quarter of Financial Year 2023 and we will scale it up rapidly to drive the expansion of our high-value retail business. I am happy to share that Tata Steel has been recognised as Steel sustainability champion for the fifth year in a row by the World Steel,” he added.
The 6 MnTPA (million tonnes per annum) Pellet plant at Kalinganagar will be commissioned in the third quarter of Financial Year 2023 followed by the Cold Roll Mill complex and the 5 MnTPA expansion.
Tata Steel India achieved the highest-ever annual crude steel production of 19.06 million tons, with a growth of 13 % YoY (year over year). Highest ever deliveries of 18.27 mn tons despite Covid second wave related disruption early in the financial year.
Broad-based improvement in sales volume was witnessed across segments. Automotive was up by 27 % YoY, branded products and retail were up by 11 % YoY while Industrial products and projects were up by 11% YoY.
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