Tata Steel jumps 37 per cent in its consolidated net profit for the March quarter
New Delhi:
Tata Steel on Tuesday reported 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 earnings.
The steel major reported a net profit of Rs 7,161.91 crore in the year-ago quarter, said the BSE filing.
The total income of Tata Steel increased from Rs 50,300.55 crore to Rs 69,615.70 crore during January-March 2022.
The total expenditure increased from Rs 40,102.97 crore to Rs 57,635.79 crore in the January-March period of 2020-21.
TV Narendran, the company’s chief executive officer and managing director, said, “Tata Steel has again demonstrated its ability to deliver great results despite the increased complexity due to COVID as well as geopolitical tensions.”
He further said that Indian trade showed broad-based growth. European operations delivered strong performance as the transformation program helped to take advantage of the strong business environment.
At the operating level, earnings before interest, tax, depreciation and amortization (EBITDA) grew 6 per cent to Rs 15,174 crore, with EBITDA per tonne rising 3.7 per cent to Rs 18,937, Tata Steel said in the filing, Tata Steel said in the filing.