Tata Steel BSL’s consolidated net profit in Q1FY22 rose by 30pc to Rs24.78bn ($334mn) compared to the prior quarter. The company declared its results on Aug 5 for the quarter that ended on Jun 30.
In 2018, Tata Steel had acquired a controlling stake in Bhushan Steel Ltd (BSL). It was later renamed Tata Steel BSL Ltd.
The company had reported a net loss of Rs6.5bn in Q1FY21.
Revenues from operations were reported at Rs78.84bn on a consolidated basis, up from Rs27bn reported in the prior year. Revenues have jumped 191pc in Q1 from a year ago. From the previous quarter, revenues have jumped 7pc in Q1.
Tata Steel BSL is one of the major secondary steel producers in India, serving largely the auto sector. The company has an annual steel-making capacity of 5.2mn mt.
($1=Rs74.1)