Tata Steel reported a 2.5x YoY jump in net profits to INR 95.7bn ($1.3bn) for the quarter ended December. Consolidated revenues stood at INR 608bn ($8.1bn), up 45% YoY. With improved steel demand on the back of an economic and commodity recovery, the company said that its steel deliveries expanded alongside an improvement in its product mix. The European operations of the company continue to perform better, underpinned by strong improvement in realizations, the steelmaker noted. Tata Steel Europe saw a 56% YoY increase in its revenues at GBP 2.2bn ($3bn). Operating EBITDA margins for the quarter were at 26.1%, 300bps higher than 23% reported in the same quarter in 2020. The company reported improvements on the balance sheet front as well with net debt reducing by 22% to INR 627bn ($8.4bn).

Tata Steel’s dollar bonds issued by Abja were stable with its 5.45% 2028s at 106.03, yielding 4.3%.

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