Tata Steel on Tuesday reported a consolidated net profit of ₹3,989 crore for the quarter ended in December, on the back of strong performance of the India business. The steel major posted a consolidated net loss of ₹1,228.53 crore for the corresponding quarter last year. The revenue rose 11% year-on-year to ₹39,594 crore for the quarter under review.
Tata Steel witnessed the highest-ever quarterly consolidated operating profit of ₹9,540 crore during Q3FY21.”Tata Steel’s India business achieved the highest ever quarterly EBITDA of ₹8,811 crores; driven by higher prices, better product mix, lower exports and operating efficiency initiatives,” the company said in the regulatory filing.
“Continuing with the recovery from the deep impact of the pandemic in the first quarter of the financial year, Tata Steel has delivered one of the best financial performance during this quarter with the highest ever consolidated EBITDA of Rs.9,540 crores and free cash flows of over ₹12,000 crore on the back of strong underlying operating performance of the India business, sharp focus on capital allocation and working capital management,” Koushik Chatterjee, executive director and chief executive officer said.
Tata Steel is committed to arrive at a strategic and sustainable resolution for its European portfolio, the company said. “Tata Steel’s IJmuiden plant is among the most environmentally efficient and cost competitive steel producers in Europe. The process to separate Tata Steel Netherlands and Tata Steel UK is currently underway,” it added.