Tata Steel reported a 139% YoY surge in its consolidated net profits YoY in its Q3 results to Rs 9598 crores. The main contributor to the rise in profits was the rising prices of steel. The company managed to surpass the estimated profit of Rs 9,018 crores.
The company’s revenues witnessed a 45% YoY growth at Rs 60,783 crores while the estimated figure stood at Rs 57,679 crores. EBITDA was up 64% YoY to Rs 15,853 crores and its production saw a 4% YoY growth. Today, Tata Steel is one of the largest steel companies globally.
“India steel demand has begun to improve on the back of continued economic recovery as the third wave of Covid begins to ebb. We continue to drive value accretive growth in our chosen segments and our performance in key segments such as auto was robust despite the sector being impacted by the semiconductor shortage. Our European operations continue to perform underpinned by strong improvement in realisations.” the company said.
The share saw considerable growth in the last 5 days as it saw a 7.5% growth after the announcement of the Union Budget 2022. In the last 5 days, the share has seen a total of 8+% growth in the stock prices to finally close at Rs 1176.30 per share.
Highlight by Aman Agarwal.