Tata Steel BSL posts over 5-fold jump in net profit to 1,837 crore for Q2 2122
Tata Steel BSL on October 20th, reported over a five-fold jump in its consolidated net profit to Rs 1,837.03 crore for the September 2021 quarter, mainly on account of higher income.
The company said it had earned a net profit of Rs 341.71 crore during the corresponding period of the previous financial year 2020-21.
Its total income during July-September 2021 rose to Rs 8,329.68 crore, from Rs 5,545.35 crore in the Q 2 2021.
The company’s expenses stood at Rs 6,492.97 crore, against Rs 5,203.33 crore in the year-ago quarter.
On May 18, 2018, Tata Steel acquired Bhushan Steel Ltd through its wholly-owned subsidiary Bamnipal Steel Ltd. Later, the company renamed it as Tata Steel BSL Ltd.
At present , Tata Steel BSL is India’s fifth-largest secondary steel producing company with an existing steel production capacity of 5.2 million tonnes per annum.
Editorial comments : Subsequent to the Q 2 results, the scrip is available at Rs. 88.20 with 52 week range of Rs. 109.70 and 23.20. The stock with the face value Rs. 2 & book value of Rs. 33.91 has current Price to Book Value ratio at just 2.62. Tata Group holds 72.65% holding in the company whereas the public float is 22.01. With this excellent results, the scrip has strong potential of uptrend in the coming months.