Tata Steel reported a 2QFY2022 net profit jump of 661% YoY to INR 119bn ($1.6bn). Operating revenues grew 55% YoY to INR 603bn ($8.1bn). Its steel deliveries in India expanded by 11% to 4.58mn tonnes despite a contraction in market demand amidst seasonal weakness they said. Revenues at its Tata Steel Europe business went up 50% YoY to £2.1bn ($2.8bn). The steel major also saw its gross debt and net debt reduce with its net debt-to-equity metric improving to 0.79x in the quarter vs. 1.34x during the corresponding period last year. Additionally, its debt service coverage ratio jumped to 11.4x from 1.72x YoY. Tata Steel also noted that it has completed the divestments of its 100% stake in NatSteel Holdings Pte. Ltd., Singapore. Tata Steel was only recently upgraded by two notches to IG-status to BBB- from BB by S&P, making it a rising star.
Tata Steel’s USD 5.45% 2028s were up 0.4 to 108.8, yielding 3.83%.
For the full story, click here