Tata Steel announced a 37% increase in its consolidated net profit to Rs 9,835.12 crore for the quarter ended March 2022. The steel giant attributed the increase to higher revenues. In the prior year quarter, the company reported net profit of Rs 7,161.91 crore.
It announced a 10:1 stock split and said that in the January to March quarter, its total revenue jumped to Rs 69,615.70 crore from Rs 50,300.55 crore earlier.
CEO and Managing Director of TV Narendran said, “Tata Steel has again demonstrated its ability to deliver outstanding results despite increased complexity in the face of COVID as well as geopolitical tensions.”
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At the operational level, the earnings before interest, tax, depreciation and amortization (EBITDA) of the large steel company increased by 6% to reach Rs 15,174 crore.
Koushik Chatterjee, Executive Director and Chief Financial Officer, said, “We closed the fiscal year with consistent and record operating and financial performance for the year, surpassing the all-time best of fiscal 21, with an EBIDTA of 2x and an after-tax profit of > 5 x the previous one. This is despite the sharp rise in international coal prices and the inflationary impact of various commodities.
(With agency contributions)
First post: STI