Tata Steel Reports Financial Results for Q2 of FY21

Tata Steel Reports Financial Results for Q2 of FY21

Tata Steel has reported one of the best quarterly financial results in recent time. Tata Steel CEO & Managing Director Mr TV Narendran said “Tata Steel

has delivered strong results in India with broad based, market leading volume growth and strong cashflow generation. The resilience of our business model and the commitment of our teams has enabled us to ramp-up capacity utilization to normal levels and achieve highest ever sales despite the ongoing challenges due to the COVID pandemic. There has also been a significant improvement in product mix towards domestic sales and higher value-added products and a sharp reduction in costs. We are now embarking on re-organizing our Indian subsidiaries into four verticals to drive scale, synergies and simplification which we are confident will create value for our stakeholders. In Europe, though the overall environment remains challenging and recovery is more gradual, there has been an improvement in volumes and sales mix. We will continue to drive performance and work on a strategic resolution to ensure the focus remains on cash flows and self-sufficiency. We are continuing our discussions with the UK Government regarding the future strategy of our UK business”

Financial Highlights India

Heading 2QFY21 1QFY21 QoQ 2QFY20 YoY

Production (mn tons)3 4.59 2.99 54% 4.50 2%

Deliveries (mn tons) 5.05 2.93 72% 4.13 22%

Turnover 23,067 12,689 82% 20,204 14%

EBITDA 6,025 1,455 314% 4,033 49%

Adjusted EBITDA 6,025 1,455 314% 3,817 58%

EBITDA (Rs. per ton) 11,924 4,969 140% 9,758 22%

Profit before tax 3,340 773 332% 1,451 130%

Exceptional Items -9 2,059 -100% -11 -18%

PAT from Continuing Operations 2,606 411 534% 3,400 -23%

Financial Highlights Consolidated

Heading 2QFY21 1QFY21 QoQ 2QFY20 YoY

Production (mn tons)3 6.73 5.14 31% 6.95 -3%

Deliveries (mn tons) 7.40 4.93 50% 6.53 13%

Turnover 37,154 24,289 53% 34,579 7%

EBITDA 6,217 597 941% 3,893 60%

Adjusted EBITDA 5,425 1,038 423% 4,018 35%

EBITDA (Rs. per ton) 8,396 1,209 594% 5,963 41%

Profit before tax 2,248 (3,338) (7)

Exceptional Items 43 58 (34)

PAT from Continuing Operations 1,635 -4,609 -135% 4,043 -60%

1. India includes Tata Steel Standalone, Tata Steel BSL Limited and Tata Steel Long Products Limited on proforma basis without inter-company eliminations

2. Consolidated figures don’t include NatSteel Holding and Tata Steel Thailand which are classified as ‘Discontinued Operations

3. Production numbers for consolidated financials are calculated using Crude steel for India and liquid steel for Europe

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