The steelmaker had reported Rs 12,548 crore profit in September quarter.
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.
Revenues were broadly stable on sequentially as improvement in net realisations more than offset the drop in volumes, the company said in a BSE filing.
The Tata group firm said it spent Rs 2,790 crore on capex during the quarter.
Work on the pellet plant, the cold roll mill complex and the 5 mtpa expansion at Kalinganagar is ongoing, it said.
Gross debt for the quarter fell to Rs 72,603 crore, with repayments of Rs 17,376 crore in the first nine months of the year. Net debt declined to Rs 62,869 crore, with net debt to Ebitda improving to to below 1.
“In yet another step towards reducing carbon emissions, Tata Steel is conducting trials to inject Coal Bed Methane gas into a blast furnace to reduce coke consumption during steelmaking. The trial will also provide useful insights regarding operation of blast furnaces with hydrogen-based injectants,” the company said, adding that the merger of Tata Steel BSL with Tata Steel has been completed.
T V Narendran, CEO and MD said, “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 4 per cent 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. Our European operations continue to perform underpinned by strong improvement in realisation.”
He said that Tata Steel Long Products’ acquisition of Neelachal Ispat Nigam Limited will enable his company to significantly ramp up Long products portfolio and benefit from the growth in infrastructure in India and retail housing growth in semi urban India.
Executive Director CFO Koushik Chatterjee said Tata Steel’s performance was strong with Ebitda growing 64 per cent and PAT at 139 per cent.
The company posted strong operating cash flows in the quarter despite a significant surge in international coal prices and increased working capital requirements, he said.
Margin came in at 26 per cent. Chatterjee said Neelachal Ispat Nigam’s acquisition will be financed by Tata Steel largely through a combination of internal accruals and bridge funding.