Tata Steel has recorded a steep jump in its consolidated net profit for the September quarter of current fiscal, which zoomed to Rs 11,918 crore as against Rs 1,565 crore which it had recorded during the corresponding period of last year, pushed mainly by higher income.
The steel maker's total income during July-September 2021 stood at Rs 60,554 crore as against Rs 39,158 crore in the year-ago period.
It's total expenses were at Rs 47,135.28 crore in July-September 2021 as against Rs 37,000.28 crore a year ago.
One of the top steel companies in the world, Tata Steel's board of directors also approved issuance of one fully paid-up equity share of Tata Steel Limited of face value of Rs 10 each for every fifteen equity shares of Tata Steel BSL Limited of face value Rs 2 each.
Tata Steel CEO and managing director T V Narendran said while reacting on the results that the company has "delivered strong results across key geographies in this seasonally weaker quarter. Our steel deliveries in India expanded by 11 per cent 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."