PINAKI MAJUMDAR
Jamshedpur, Feb 5: Tata Steel announced its financial results for the third quarter of FY22.
The company’s consolidated Profit after Tax grew 139% YoY to Rs 9,598 crores, compared to Rs 4,011 cr reported in the same quarter of the last financial year.
The consolidated revenues stood at Rs 60,783 crores compared to Rs 41,935 crores in the previous fiscal, thus registering an increase of 45% YoY.
Tata Steel reported a strong consolidated free cash flow of Rs 6,338 crores during the quarter and repaid debts of Rs 17,376 crores in the first nine months of the current financial year.
Tata Steel has spent Rs 2,790 crores on capex during the quarter.
The 5 million tonnes per annum expansion at Kalinganagar works, including the pellet plant and the Cold Roll Mill complex, is ongoing.
Tata Steel Long Products, a subsidiary of Tata Steel, has been announced as the winner of the bidding process to acquire 93.71% stake in the 1 million ton per annum Neelachal Ispat Nigam Limited.
The company has also completed the merger of Tata Steel BSL with Tata Steel.
T V Narendran, chief executive officer and managing director, Tata Steel, said, “India steel demand has begun to improve on the back of continued economic recovery as the 3rd wave of Covid begins to ebb. Our steel deliveries in India expanded by 4 % 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.”
