Tata Steel Long Products reports highest annual volumes
Posted On: 2021-04-06 04:08:08 (Time Zone: Arizona, USA)
Tata Steel Long Products (TSLP) achieved the highest ever quarterly crude steel production of 186 thousand tons with a growth of 7%QoQ and 19%YoY on the back of debottlenecking at steel melting shop and arcing; FY21 production was also highest ever with 11%YoY growth despite disruption caused by COVID-19 pandemic.
Sales volumes in 4QFY21 increased by 4%QoQ and 25%YoY to 172 thousand tons, driven by higher production and improved market conditions. The company achieved the highest ever annual sales volumes at 639 thousand tons with 25%YoY growth. TSLP s continued focus towards mix enrichment resulted in 20%YoY growth in rolled product sales volume along with 38%YoY increase in alloy wire rod sales volume in FY21.
Investors dragged their feet over further bullish bets on the market given emerging concerns over a stuttering global economic recovery in the near term.
Shares of Tata Steel Long Products hit a fresh 52-week high of Rs 810, zooming 13 per cent on the BSE on Friday, after the company reported a consolidated net profit of Rs 304 crore for the quarter ended December 2020 (Q3FY21), on the back of strong operational performance. The Tata group company had posted a consolidated a net loss of Rs 112 crore in December 2019 quarter (Q3FY20). The company s revenue from operations grew 37 per cent YoY at Rs 1,364 crore as against Rs 999 crore in the corresponding quarter of previous fiscal. Ebitda (earnings before interest, taxes, depreciation, and amortization) margin stood at 30.06 per cent in Q3FY21.
Read more about Tata Steel Long Products spurts after turnaround Q3 numbers on Business Standard. Tata Steel Long Products surged 11.11% to Rs 796.15 after the company reported a consolidated net profit of Rs 304.40 crore in Q3 FY21 compared with net loss of Rs 112.19 crore in Q3 FY20.
Read more about Sensex tanks 549 pts, Nifty closes below 14,450 mark; IT shares drag on Business Standard. Domestic equity benchmarks declined sharply on Friday, led by broader selling pressure. IT, pharma and PSU banks declined sharply. Rising coronavirus cases across US, Europe and China weighed on investors sentiment. Global cues were negative as