New Delhi:
Tata Steel posted a 37 percent increase in consolidated net profit on Tuesday at Rs 9835.12 crore for the quarter ended March 2022, mainly due to higher revenues.
The steel giant had reported a net profit of Rs 7,161.91 crore in the quarter of last year, it said in a BSE filing.
In January-March 2022, Tata Steel’s total income rose to Rs 69,615.70 crore from Rs 50,300.55 crore earlier.
The total cost increased to Rs 57,635.79 crore from Rs 40,102.97 crore in the January-March period of 2020-21.
“Tata Steel has once again demonstrated its ability to deliver great results despite increased complexity in the face of COVID and geopolitical tensions,” said the company’s Chief Executive Officer and Managing Director, TV Narendran.
He went on to say that the Indian business showed broad growth. The European business delivered a robust performance as the transformation program undertaken helped to capitalize on the strong business environment.
At the operating level, earnings before interest, taxes, depreciation and amortization (EBITDA) rose 6 percent to Rs 15,174 crore, with EBITDA per tonne increasing 3.7 percent to Rs 18,937 compared to the corresponding period last fiscal year, Tata Steel said. in the application.