Last Updated : Nov 17, 2020 05:04 PM IST | Source: Moneycontrol.com

Tata Steel Q2 profit falls 60% to Rs 1,635.4 crore; revenue rises to Rs 37,154 crore

Tata Steel said it achieved the best-ever quarterly volumes in India, registering growth both on QoQ and YoY basis

Tata Steel on November 13 reported a 59.6 percent year-on-year (YoY) fall in Q2FY21 profit at Rs 1,635.4 crore, against Rs 4,043.5 crore in the corresponding quarter a year ago.

Total revenue from operations stood at Rs 37,154 crore against Rs 34,579 crore YoY.

EBITDA stood at Rs 6,217 crore against Rs 3,893 crore YoY.

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The company said it achieved the best-ever quarterly volumes in India, registering growth both on QoQ and YoY basis.

"Net debt reduced by Rs 8,285 crore in H1FY21; now below March 2019 levels," the company said.

The merger of Tata Metaliks and Indian Steel & Wire Products into Tata Steel Long Products is approved, the company said.

Tata Steel said it is in discussions with SSAB, Sweden regarding a potential acquisition of Tata Steel’s Netherlands business.

It also said it commenced discussions with the Supervisory Board and Board of Management of Tata Steel Netherlands. The process will subsequently move to the next stage including due diligence and stakeholder consultations, said the company.

Tata Steel said it will continue to own and operate the UK business. The company is in discussion with the UK government to make the business sustainable and self-sufficient.
First Published on Nov 13, 2020 08:37 pm
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