India’s Tata Steel Limited has reported a consolidated net profit of INR 119.18 billion ($1.6 billion) in the second quarter (July-September) of the fiscal year 2021-22, up 661.3 percent over the corresponding period of the previous year, according to a company statement.
The company reported total revenue of INR 602.83 billion ($8.1 billion) during the quarter, a growth of 54.8 percent.
Tata Steel’s consolidated operating profit per mt surged 246 percent on year-on-year basis to INR 24,112 ($324/mt), supported by price increases effected during the quarter.
“Tata Steel has delivered strong results across key geographies in this seasonally weaker quarter. Our steel deliveries in India expanded by 11 percent despite a contraction in market demand which is a testament to the strength of our franchise,” said T.V. Narendran, chief executive officer and managing director at Tata Steel.
“We are watchful of the elevated coal prices and high energy costs as key risks to margins going forward,” he said.