Tata Steel Q3 FY22 profit after tax surges by 139% to Rs 96bn
Tata Steel Limited has reported a profit after tax (PAT) of INR 9,598 crores for the third quarter of the fiscal year 2022 (Q3 FY22), a 139.3% increase compared to INR 4,011 crores in the same period of the previous fiscal year.
In the previous quarter, that is Q2 FY22, the Indian steelmaker had a profit after tax of INR 12,548 crores.
Tata Steel’s profit after tax from its Indian operations in the quarter ended 31 December 2021 was INR 7,787 crores, compared to INR 4,590 crores in Q3 FY21.
Its Q3 FY22 turnover was INR 60,783 crores, which is a 45% increase compared to INR 41,935 crores in the same period of the previous fiscal year. The steelmaker’s Q2 FY22 turnover was INR 60,387 crores.
For its Indian operations, Tata Steel’s Q3 FY22 turnover was INR 33,641 crores, compared to INR 24,554 crores in Q3 FY21.
Tata Steel Q3 FY22 profit after tax surges by 139% to Rs 96bn. Photo courtesy of Tata Steel.
The company’s crude steel production during the reported quarter was 7.76 million tons, compared to 7.74 million tons in Q3 FY21.
During the third quarter, Tata Steel had spent INR 2,790 crores on CAPEX. The company said that work on the pellet plant, the cold roll mill complex, and the 5MTPA expansion at the Kalinganagar steel plant is in progress.
Its gross debt had come down to INR 72,603 crores as of 31 December 2021.
The third quarter also saw the company’s subsidiary — Tata Steel Long Products emerge as the winner of the bidding process to acquire a stake of 93.71% in Neelachal Ispat Nigam Limited.
The quarter also saw Tata Steel wrap up its merger with Tata Steel BSL.
T V Narendran — CEO and Managing Director of Tata Steel said: “India steel demand has begun to improve on the back of continued economic recovery as 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.”