On QoQ basis, the revenues were broadly stable as improvement in net realisations more than offset the drop in volumes, Tata Steel said. 
On QoQ basis, the revenues were broadly stable as improvement in net realisations more than offset the drop in volumes, Tata Steel said. India's largest steel manufacturing company Tata Steel on Friday reported a surge of 139 per cent year-on-year in its consolidated net profit at Rs 9,572 crore for the quarter ending 31 December, 2021. The firm had posted a net profit of Rs 4,011 crore in the year-ago period.
Sequentially, the steel maker had reported a profit of Rs 12,548 crore in the September quarter.
The company's consolidated revenues for the quarter climbed about 45 per cent YoY to Rs 60,783 crore compared with Rs 41,935 crore in the year-ago quarter. On QoQ basis, the revenues were broadly stable as improvement in net realisations more than offset the drop in volumes, the company said in a regulatory filing.
The company's consolidated earnings before interest, taxes, depreciation, and amortization or EBITDA stood at Rs 15,853 crore.
Consolidated Free Cash Flow was R 6,338 crore during 3QFY22 despite an increase in working capital of Rs 2,045 crore. On 9MFY22 basis, Tata Steel generated free cash flow of Rs 13,214 crore, the company added.
Further, the company has spent Rs.2,790 crores on capex during the quarter. Work on the Pellet plant, the Cold Roll Mill complex and the 5 MTPA expansion at Kalinganagar is ongoing.
Gross debt decreased to Rs 72,603 crore with repayments of R 17,376 crore in 9MFY22. Net debt declined to R 62,869 crore and Net debt to EBITDA improved to below 1, it added.
The steel maker also stated that India steel demand has begun to improve on the back of continued economic recovery as 3rd wave of COVID begins to ebb.
"Our steel deliveries in India expanded by 4% in the first nine months of the financial year along with an improvement in product mix. We continue to drive value accretive growth in our chosen segments and our performance in key segments such as auto was robust despite the sector being impacted by the semiconductor shortage, said T V Narendran, Chief Executive Officer & Managing Director.
He also added, "Our European operations continue to perform underpinned by strong improvement in realizations. We continue to progress on our stated goals. We became the first company in the world to conduct trials to inject Coal Bed Methane gas into a Blast Furnace in a bid to reduce emissions."
The company also stated that 5 MTPA TSK phase II expansion including the pellet plant and CRM complex is progressing well.
Tata Steel Long Products has been declared the winning bidder for Neelachal Ispat Nigam Limited. This will enable us to significantly ramp up our Long products portfolio and benefit from the growth in infrastructure in India and retail housing growth in semi urban India. "We will leverage our retail brands and pan India distribution network to drive scale, profitability and cashflows." Narendran added.
Shares of Tata Steel closed at Rs 1,176.15 apiece on BSE today.
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