THE EARNINGS OF AN INDIAN STEEL COMPANY FELL BY 13 PERCENT FROM APRIL TO JUNE OF 2022

28 July, 2022 by
Administrator

In the June quarter of the current fiscal year, Tata Steel recorded a consolidated profit after tax of INR 7,765 crore (USD 972.9 million), a decrease of 12.8 pct from the comparable quarter of the previous year.

Total operating revenue at Tata Steel grew by 18.6% year over year to INR 63,430 crore (USD 7.9 bln).

Tata Steel CEO and MD TV Narendran, noted that despite several challenges, the business had a great result with improved profitability.

The Tata Group unit in Europe had its highest-ever quarterly EBITDA of GBP 621 million (USD 746.79 mln).

Working capital increased as a result of the volatility in commodity prices and the immediate impact of the export duty in India, but he said that with cost-cutting measures and other initiatives combined with the anticipated increase in demand in the second half of the year, working capital should return to normal.

According to Tata Steel, the cold roll mill complex and the 5 mln tons per year extension would be operational in Q3 once the 6 mln tons per year pellet facility at Kalinganagar is put into operation.

The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only.




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