Tata Steel Q4 net profit jumps 37% to Rs 9,835 crore; company announces 10:1 stock split

Tata Steel reported a 37 percent jump in consolidated net profit at Rs 9,835.12 crore for the quarter ended March 2022. The steel giant attributed the rise to higher income. In the year-ago quarter, the company had reported a net profit of Rs 7,161.91 crore.

It announced a stock split at 10:1 and said that during the January-March quarter, it's total income jumped to Rs 69,615.70 crore from Rs 50,300.55 crore earlier.

In a statement, the company's CEO and MD TV Narendran said, "Tata Steel has again demonstrated its ability to deliver stellar results despite heightened complexity in the face of COVID as well as geopolitical tensions." "Our Indian business showed broad based growth across our chosen segments due to our sustained focus on customer relationships, our distribution network and our portfolio of brands supported by our agile business model," he added.

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Europe operations also delivered robust performance as the transformation programme undertaken helped to leverage the strong business environment, he said.

Tata Steel Executive Director and CFO Koushik Chatterjee said "while the Indian business continued to perform strongly with an EBITDA per ton of Rs 28,863, our European business generated the highest ever EBITDA of 1,199 million (Rs 12,164 crores)."

As part of the overall policy to reward the shareholders, the board of Tata Steel has recommended a record dividend of Rs 51 per share. It has also recommended splitting of the shares to Re 1 per share face value in a 10:1 split, Chatterjee said.

At the operating level, the steel major's earnings before interest, tax, depreciation, and amortisation (EBITDA) increased 6 percent to Rs 15,174 crore.