Metal stocks have been on the agenda lately as they have benefited from the global rally in steel prices and the increase in demand.
Steel giant Tata Steel stated that while the company reported strong earnings, it continued to collect these earnings in the June quarter.
Tata Steel's net profit rose after the global rise in steel prices and improved performance in its European business.
While many companies reported muted performance sequentially, Tata Steel's figures said otherwise, showing that the second wave had minimal impact.
Tata Steel beat clear estimates as it reported a record consolidated net profit of 97.7 billion yen during the quarter.
This was a huge improvement over the highest ever consolidated net loss of 46.1 billion yen recorded in the same period last year. The profit was higher than the full year net profit reported by Tata Steel for fiscal 2021.
After rising steel prices, the company reported its highest-ever EBITDA reaching Yen 161.9 billion, up 25.7 times year-on-year.
Steel deliveries, which were severely affected by the national lockdown in the same period last year, recovered well and amounted to 7.1 mt, up 33 percent year on year.
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