Tata Metal This fall outcomes: Agency stories revenue of Rs 6,593 cr, proclaims dividend of Rs 25


MUMBAI: at the moment reported a net profit of Rs 6,593.5 crore for the quarter ended March as in opposition to a web lack of Rs 436.Eight crore within the year-ago quarter. Analysts had anticipated the corporate to report a web revenue of Rs 6,778 crore for the quarter.

The corporate’s web sales within the quarter surged 49 per cent on-year to Rs 21,202.6 crore aided by sturdy demand and worth hikes.

On a consolidated foundation, the corporate reported a web revenue of Rs 6,644.2 crore as in opposition to a web lack of Rs 1,481.three crore. The corporate’s income from operations climbed 39 per cent on-year to Rs 49,977.four crore.

The corporate’s board additionally introduced a remaining dividend of Rs 25 per share for the monetary yr ended March 2021.

The corporate reported a close to 150 per cent year-on-year progress in working revenue at Rs 9,206 crore, the very best on document. The sturdy working revenue translated to working revenue per tonne of Rs 27,828, which was sharply larger than analysts’ estimates of Rs 26,678.

Tata Metal stated that its standalone working margin within the quarter got here in at 43.four per cent. The sturdy working efficiency by the corporate mirrored the a number of worth hikes undertaken by it through the quarter.

“Regardless of a gradual begin within the first quarter, we managed to ship sturdy efficiency in India with broad-based, market-leading quantity progress supported by our agile enterprise mannequin,” stated managing director and chief government officer TV Narendran.

On the consolidated stage, too, the corporate’s working efficiency was sturdy as adjusted working revenue practically tripled on-year to Rs 13,933 crore helped by worth hikes undertaken by the European enterprise.

“The fourth quarter efficiency has been stand out by way of each earnings and money flows, and helped the corporate to report one of many highest underlying efficiency for the complete yr regardless of the pandemic-related disruptions through the first half of the monetary yr,” stated Koushik Chatterjee, government director and chief monetary officer.

The corporate generated wholesome ranges of free money move within the quarter to the tune of Rs 8,800 crore after factoring capital expenditure. Tata Metal stated that it has lowered web debt by Rs 29,390 crore through the monetary yr to Rs 75,389 crore.

“Within the present monetary yr, we are going to cut back the debt ranges by greater than a billion {dollars} and likewise improve the capital allocation to our strategic capex program in India to finish the 5 mtpa (million tonne each year) growth in Kalinganagar,” Chatterjee stated.

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