Tata Steel returns to black, posts profit in December quarter
Tata Steel swung back into black in the October-December quarter posting a consolidated profit of Rs 4,010.94 crore for the quarter on the back of increased income. It had clocked a loss of Rs 1,228.53 crore in the year ago quarter.
The largest private sector integrated steel maker’s total income rose to Rs 39,809.05 crore in the third quarter of 2020-21 from Rs 35,613.34 crore in the year-ago period. Its expenses were at Rs 34,183.18 crore, lower from Rs 35,849.92 crore in October-December 2019-20.
It had reported an EBITDA of Rs 4,111 crore in year-ago-quarter.
Tata Steel has completed reduction of net debt by Rs 18,609 crore in the first nine months (April-December) of the current financial year.
On the operations front, it has produced 4.60 million tonne of crude steel during the third quarter, registering a 3% rise over the year ago quarter. Sales in the domestic market rose by 4% to 4.16 MT compared to the year-ago period.
Meanwhile, the process to separate Tata Steel Netherlands and Tata Steel UK is currently underway.
On January 29, Tata Steel had announced that Swedish steel maker SSAB had withdrawn its initial interest for its Netherlands business. Tata Steel was in talks with SSAB on the potential sale of its Netherlands business, including Ijmuiden steelworks.
This document is meant for the recipient only for use as intended and not for circulation. This document should not be reproduced or copied or made available to others. The information contained herein is from the public domain or sources believed to be reliable. While reasonable care has been taken to ensure that information given is at the time believed to be fair and correct and opinions based thereupon are reasonable, due to the very nature of research it cannot be warranted or represented that it is accurate or complete and it should not be relied upon as such. Also above note is not a recommendation to Buy or SELL and is only a view based on facts and figures and we will be in no way responsible for any losses incurred by anyone who uses this information to either trade or invests securities mentioned herein.