Tata Steel posts net profit for Q1 FY 2021-22, from net loss a year earlier

Friday, 13 August 2021 11:19:10 (GMT+3)   |   Kolkata

India’s Tata Steel has reported a consolidated net profit of INR 97,680 million ($1.35 billion) for the first quarter (April-June) of the fiscal year 2021-22, against a net consolidated loss of INR 46,480 million ($626 million) in the corresponding quarter of the previous fiscal year, according to a company statement on Friday, August 13.

The company reported that its consolidated total revenues during the quarter came to INR 533,710 million ($71.899 billion), up 109.5 percent over the corresponding period of the previous fiscal year.

Tata Steel’s consolidated operating profits during the first quarter were up 25.7 times year on year to INR 161,850 million ($2.18 billion).

Operating profits per metric ton from its Indian operations were reported to have surged 576 percent year on year in the quarter to INR 33,604 ($452), the company reported.

Tata Steel said in its statement that it incurred a total capital expenditure of INR 20,110 million ($270 million) during the quarter amid ongoing projects, including a pellet plant, a cold rolling mill and a 5 million mt per annum expansion at its Kalinganagar steel mill in Odisha.

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