New Delhi: Tata Steel on Thursday posted a consolidated net income of Rs 9,768.34 Crore for the June 2021-22 quarter.
In the period last year, the company suffered a net loss of Rs 4,648.13 Crore, said Tata Steel in the archiving of BSE.
The total revenue was enlarged to Rs 53,534.04 Crore during the quarter reviewed from RS 25,662.43 Crore a year ago.
The cost was at Rs 41,397.23 Crore by opposing Rs 29,116.37 Crore in April-June a year ago.
In a statement, CEO and Managing Director T V Narendran said the Indian market had a negative impact on the last quarter because of the second wave of Covid-19 which had an impact on the production of steel companies as well as shipping.
Requests have begun to recover in India, even though domestic steel prices continue to be at steep discounts for the price of Chinese import parity.
“We continue to focus on our goals to achieve and maintain market leadership in selected segments by building strong customer relationships, superior distribution networks, playing brands and developing new products & solutions in steel and new materials.
We also focus on the growth of Akrresent Value .
,” she says.
Phase II expansion in the company’s factory in Kalingananagar has progressed well.
This will encourage the mixing of enrichment and cost reduction products, increasingly strengthening the competitive position of Tata Steel, said Narendran.
Koushik Chatterjee, Executive Director and Chair of the Financial Officer said: “Our consolidated financial performance for the quarter is very strong behind strong business performance and floating market conditions.
The company has reached the highest quarterly consolidation EBITDA from RS 16,185 Crore..” Apart from Increased working capital due to the high price of steel and raw materials, the company produces consolidated free cash flow from the Hospital 3,500 Crore during this quarter and make debt payments from Rs 5,894 Crore, he said.
Chatterjee further said, “We are committed to further deleverage and hope to reduce debt significantly at the end of the current financial year.
We continue to prioritize capex expenses for ongoing projects and strategically important investments.” According to the statement, the company’s consolidated steel production rose to 7.88 million tons during the quarter of 5.54 MT in the second quarter.
Delivery was at 7.11 MT compared to 5.34 MT a year ago.
Tata Steel Based on India Ltd is one of the world’s leading steel producing companies.