Tata Steel Has Recorded The Highest Profitability And Posts Rs.4,011Crore Profit In Q3

Jamshedpur 10th Fev, 2021: The Board of Directors of Tata Steel Limited held a meeting on February 9, 2021, and passed the Financial Results of the Company for the quarter and nine months ended December 31, 2020.
The company’s consolidated Profit after tax in 3Q FY21 increased 4.3 times to Rs.4,011 crores assessed based on 3Q FY20. Consolidated EBITDA rose 2.6 times YoY to Rs.9,540 crores with enhanced cognizance across key entities.
Consolidated Free Cash Flow was Rs.12,078 crores during 3QFY21 and Rs.20,588 crores in the first nine months of the current financial year driven by great serving performance, disciplined capital expenditure, and effective capital management.
The company proceeds to hierarchize capital expense; it spent Rs.1,394 crores on Capex during the quarter.
The Company has determined to restart operation on the Pellet plant and Cold Roll Mill complex at Tata Steel Kalinganagar, which will help in reducing costs and improving revenues. Both the Pellet plant and Cold Roll Mill complex will extend the margin once completed.
T. V. Narendran, CEO & Managing Director, said: “The revival in the global and Indian economy has led to a sharp growth in steel demand in India.
All the sections, notably automotive, have performed remarkably well maintained by our constant focus on strong customer relationships, superior distribution network, brands, and new product developments. The investments in infrastructure and current policy developments, to drive economic growth, should drive steel demand in India.”
As part of the enterprise deleveraging plan, Tata Steel has achieved a reduction of net debt by Rs.18,609 crores in the first nine months of the current financial year.
During the third quarter, the company defeated the leverage by Rs.10,325 crores.
Tata Steel has fulfilled one of the best financial performance with the highest ever consolidated EBITDA of Rs.9,540 crores and free cash flows of over Rs 12,000 crores on the back of stable underlying operating performance of the India business, sharp focus on capital allocation and working capital management.
All operating hubs in India have performed exceptionally well, with the standalone EBIDTA margin at 37.5%.
Tata Steel BSL and Tata Steel Long Products have also recorded the highest ever profitability in recent years.
TSBSL merger with Tata Steel is progressing ahead.

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