India’s Tata Steel BSL Limited returns to profit in Q1 FY 2021-22

Friday, 06 August 2021 12:16:27 (GMT+3)   |   Kolkata

India’s Tata Steel BSL Limited has reported a net profit of INR 24.78 billion ($334 million) for the first quarter (April-June) of the fiscal year 2021-22, marking a turnaround after reporting a net loss of INR 6.5 billion ($88 million) during the corresponding quarter of the previous fiscal year, according to a company statement on Friday, August 6.

The company reported total income during the quarter at INR 78.84 billion ($1.06 billion), marking a rise of 191 percent year on year, the company reported.

In 2018, Tata Steel had acquired a controlling stake in Bhushan Steel Limited (BSL) through the bankruptcy resolution process and subsequently renamed it Tata Steel BSL Limited.

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