Tata Steel Q2 profit up 661% to Rs 11,918 crore; Revenue grew 55%

Tata Steel is one of the top steel companies in the world with an annual crude steel capacity of 34 million tonnes per annum. The company sees multi-fold growth in Q2 net profit at ₹11,918 crore.

Domestic steel giant Tata Steel on Thursday said its consolidated net profit jumped manifold to ₹11,918 crore in the July-September quarter, helped by higher earnings. This is an increase of 661% from ₹1,565 crore in the corresponding quarter of the previous year. 

Tata Steel said in a BSE filing that the net profit stood at ₹ 1,665.07 crore in the corresponding quarter of the previous fiscal.

Its total income during July-September 2021 was ₹60,553.63 crore as against ₹39,157.79 crore in the year-ago period. The total expenditure in July-September was ₹47,135.28 crore, as against ₹37,000.28 crore a year ago.

Shares of Tata Steel closed at Rs 1,299 per share on the NSE on Thursday ahead of the results. Since the beginning of 2021, the stock has gained 102.15% (year-to-date) over the past year and has gained 174.75%. 

The company’s consolidated adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) grew 12% to ₹17,810 crore as compared to the previous June quarter. The Board has also approved the issuance of one fully paid-up equity share of Tata Steel of face value ₹10 each for every 15 equity shares of Tata Steel BSL of face value ₹2. 

When it comes to India’s operations, crude steel production rose 3% year-on-year to 4.73 million tonnes during the second quarter, while overall deliveries went 11% QoQ to 4.58 million tonnes despite contraction in market demand amid seasonal weakness.

Quarterly Adjusted EBITDA for the India business stood at ₹13,877 crore, an increase of 2.3x year-on-year. 

For more details, visit: Tatasteel.com