New Delhi: Tata Steel, a company of Tata Group, has reported a consolidated net profit of Rs 9,835.12 crore for the quarter ended March 2022 (Q4), clocked a 37 per cent growth over Rs 7,162 crore profit logged in the year-ago quarter, mainly on account of higher income, the PTI reported.
The steel major has thus beat analysts’ estimates. The firm also announced a stock split at 10:1, according to a filing on the BSE.
The income of Tata Steel during January-March period jumped to Rs 69,615.70 crore from Rs 50,300.55 crore earlier.
The total expenses of the company rose Rs 57,635.79 crore from Rs 40,102.97 crore in the January-March period of 2020-21.
Tata Steel’ Chief Executive Officer and Managing Director T V Narendran said, “Tata Steel has again demonstrated its ability to deliver stellar results despite heightened complexity in the face of Covid-19 as well as geopolitical tensions.”
He also said that Indian business showed broad-based growth.
Tata Steel’s European operations also delivered robust performance as the transformation programme undertaken helped to leverage the strong business environment.
Tata Steel in the filing said its Ebitda (earnings before interest, tax, depreciation and amortization) at the operating level rose 6 per cent to Rs 15,174 crore with Ebitda per tonne rising 3.7 per cent to Rs 18,937 compared to the corresponding period last financial year.
Another Tata Group firm, Titan Company, on Tuesday clocked a decline of 7.21 per cent in its consolidated net profit at Rs 527 crore in Q4.
In a regulatory filing, Titan said, “The company had reported a net profit of Rs 568 crore in the January-March quarter of FY21.”
Titan’s total income rose 4.25 per cent to Rs 7,872 crore during the reported period, as against Rs 7,551 crore in the corresponding period of the preceding financial year.