Tata Steel BSL on Wednesday reported a net profit of Rs 2,478 crore for the April-June period. The company -- a subsidiary of Tata Steel -- had logged a net loss of Rs 650.09 crore for the corresponding period a year ago.
Total sales jumped to Rs 7,318.65 crore in the April-June period, from Rs 2,514.59 crore in the year-ago period, according to a regulatory filing.
Total expenses increased 60.87 percent to Rs 5,405.60 crore. The expense for raw material jumped nearly three times to Rs 3,497.10 crore, from Rs 1,335.96 crore a year ago.
Tata Steel BSL's calculated EBITDA per tonne stood at Rs 27,700 -- the highest since the acquisition of Bhushan Steel.
Debt reduction at the company continued as its finance costs came down 21.13 percent on quarter-on-quarter and 43.92 percent on a year-on-year basis.
BSL had contributed to nearly 18 percent of Tata Steel’s consolidated EBITDA in the fourth quarter of FY21.
Tata Steel BSL shares jumped as much as 7.86 percent to Rs 100.90 apiece on BSE after the earnings announcement before giving up some of those gains.
Also read: Dabur Q1 results: Net profit rises 28.4% to Rs 438 crore, beats estimates; Volume growth at 34.4%
At 2:45 pm, the Tata Steel BSL stock traded 5.02 percent higher at Rs
98.25 apiece on the bourse, outperforming the benchmark S&P BSE Sensex index, which was up 1.04 percent at 54,384.94, hovering near a record high registered earlier in the day.
First Published: IST