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Business EconomyPosted at: May 3 2022 11:29PM


Tats Steel consolidated Q4 FY22 PAT up at Rs 9,835 cr

Mumbai, May 3 (UNI) Tata Steel on Tuesday reported a 37.32 per cent increase in consolidated net profit for the quarter ended March 31 at Rs 9,835 crore on the back of higher revenues.

The company had reported a PAT of Rs 7,162 crore in the corresponding quarter last fiscal.

Its consolidated revenues for the quarter under review stood at Rs 69,324 crore as against Rs 50,028 crore reported in Q4 FY2021, registering a growth of 38.57 per cent.
For the whole year, its consolidated PAT increased exponential to Rs 41,749 crore as against Rs 8,190 crore in FY2021.
Similarly, its total income for the year increased to Rs 243,959 crore as against Rs 156,477 crore in the previous fiscal.
"Tata Steel has again demonstrated its ability to deliver stellar results despite heightened complexity in the face of Covid as well as geopolitical tensions," T V Narendran, Chief Executive Officer and Managing Director said.
"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.
"Our European operations delivered robust performance as the transformation programme undertaken helped to leverage the strong business environment," he added.
As per Narendran, the company has pursued several initiatives to de-risk the business, particularly across the procurement and supply chain, and continues to invest in technology and digitisation to drive productivity and improve the resilience.
Giving details about the progress of its various projects, Narendran said the Kalinganagar expansion is progressing well, while the acquisition of Neelachal Ispat Nigam will be closed in 1QFY23 and will scale up rapidly to drive expansion of their high-value retail business.
The company's consolidated free cash flow stood at Rs 27,185 crore, despite an increase in working capital of Rs 9,618 crore, capex of Rs 10,522 crore and taxes of Rs 11,902 crore.
Its gross debt stood at Rs 75,561 crore with net repayments of Rs 15,232 crore. The net debt declined to Rs 51,049 crore and the net debt to EBITDA improved to 0.80x; while net debt to equity improved to 0.52x.
Commenting on the financial performance, Koushik Chatterjee, Executive Director and Chief Financial Officer said, "We have closed the financial year with consistent and record operating and financial performance for the year, surpassing the previous best in FY21, with EBIDTA being 2x and profit after tax being >5x the previous year. This is despite the significant surge in international coal prices and inflationary impact of various commodities."
He further said the company continues to focus on deleveraging, while advancing on the strategic growth priorities and the focus is on completion of Kalinganagar expansion.
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Tags: #Tats Steel consolidated Q4 FY22 PAT up at Rs 9#835 cr
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