Tata Steel posted a multi-fold jump in consolidated net profit for the September quarter at £1.19 billion as against £1.56 billion a year ago, helped by higher income. Its total income during July-September 2021 stood at £6.05 billion as against £3.91 billion in the year-ago period. The firm's total expenses were at £4.71 billion in July-September 2021 as against £3.70 billion a year ago.
Tata Steel is among the top steel companies in the world with an annual crude steel capacity of 33 million tonnes per annum.
The Board of Directors of the Company approved the issuance of one fully paid-up Equity Share of Tata Steel Limited of face value Rs 10 each for every 15 equity shares of Tata Steel BSL Limited of face value Rs 2 each. Tata Steel said it is pursuing the hydrogen route in IJmuiden and a detailed assessment is underway. Tata Steel's CEO said the company is watchful of the elevated coal prices and high energy cost as key risks to margins going forward.
T V Narendran, CEO & MD, Tata Steel said: “Tata Steel has delivered strong results across key geographies in this seasonally weaker quarter. Our steel deliveries in India expanded by 11% despite a contraction in market demand which is a testament to the strength of our franchise. We continue to drive value accretive growth in our chosen segments and our performance in key segments such as auto was very robust despite the sector being impacted by the semiconductor shortage. Our European operations have also delivered robust performance underpinned by strong improvement in realistions. We are watchful of the elevated coal prices and high energy cost as key risks to margins going forward."
Tata Steel said its gross debt decreased to £7.81 billion with repayments of £1.14 billion in H1FY22. Net debt declined to £6.88 billion.