Tata Metaliks Reports Record YoY Profit Swing in Apr-Jun Quarter
Tata Steel’s subsidiary Tata Metaliks Ltd has reported a net profit of INR 94.72 crore for the April- June 2021 quarter as compared to net loss of INR 12.36 crore in the year ago quarter. Total income during April-June 2021-22 increased INR 606.45 crore from INR 210.99 crore in the year-ago period. Expenses were at INR 471.62 crore during the quarter under review, up from INR 227.46 crore a year ago. Tata Metaliks Managing Director Mr Sandeep Kumar said "The company has delivered strong results primarily due to record sales and booming prices of pig iron. DI pipe business got impacted mainly due to COVID-induced restrictions by state governments. However, demand for DI pipes continues to remain robust on the back of significantly increased allocation in this year's Union budget for water infrastructure.”
Tata Metaliks has manufacturing facilities at Kharagpur in West Bengal, which produces pig iron and DI pipes. The plant annually produces around 5.50 lakh tonne of hot metal, out of which over 200,000 tonne is converted into DI pipes and the rest into pig iron.