Tata Steel March Quarter Profit Sees 37% Rise To Rs 9,835 Crore

Tata Steel posted a 37 per cent jump in its consolidated net profit for March quarter

New Delhi:

Tata Steel on Tuesday posted a 37 per cent jump in consolidated net profit at Rs 9,835.12 crore for the quarter ended March 2022, mainly on account of higher income.

The steel major had reported a net profit of Rs 7,161.91 crore in the year-ago quarter, it said in a BSE filing.

During January-March 2022, Tata Steel’s total income jumped to Rs 69,615.70 crore from Rs 50,300.55 crore earlier.

Total expenses rose to Rs 57,635.79 crore from Rs 40,102.97 crore in the January-March period of 2020-21.

“Tata Steel has again demonstrated its ability to deliver stellar results despite heightened complexity in the face of COVID as well as geopolitical tensions,” the company’s Chief Executive Officer and Managing Director T V Narendran said.

He further said Indian business showed broad based growth. European operations delivered robust performance as the transformation programme undertaken helped to leverage the strong business environment.

At the operating level, its earnings before interest, tax, depreciation and amortisation (EBITDA) increased 6 percent to Rs 15,174 crore with EBITDA per tonne rising 3.7 percent to Rs 18,937 compared to corresponding period last fiscal, Tata Steel said in the filing.

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