Tata Steel adds 3% as Q3 net profit doubles

The company had reported a net profit of Rs 4,010.94 crore in the same period a year ago.

The counter rose to a high of Rs 1,197.75 as against Rs 1,166.60 at previous close on the National Stock Exchange.

According to reports, the company’s consolidated revenue clocked in at Rs 60,783 crore, up 45 per cent from Rs 41,935 crore reported in the same period a year ago.

Revenues in the preceding quarter stood at Rs 60,387 crore, report said.

“Our steel deliveries in India expanded by 4 percent in the first nine months of the financial year along with an improvement in product mix”, TV Narendran, Chief Executive Officer & Managing Director was quoted as saying in reports.

“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.”

The company produced 7.76 million tons (MT) of steel during the quarter which was stable compared to 7.77 MT produced in the previous quarter and marginally higher compared to 7.74 MT produced in the same period a year ago, reports said.

Sales volume during the quarter declined both on the year as well as a sequential basis, reports said, adding that the company sold 7.01 MT of steel during the quarter which is a decline of 5.4 percent on-year compared to 7.41 MT sold in the same period a year ago. Compared to the previous quarter, the decline is 5.1 percent from 7.39 MT.