Tata Steel Announces 10:1 Stock Split; Dividend of Rs 51
Tata Steel, one of the world’s largest steel companies with a yearly raw steel capability of 34 million tonnes, recorded a net profit increase of about 37% for the quarter ending March 31, 2022. The company made a net income of Rs 41,749 crore in FY22, up from Rs 8,190 crore in the previous fiscal year. Regarding the Sales in India, the company developed 19.06 million tonnes of crude steel last year, up 13% from the previous year.
In addition, the company’s board of directors declared a Rs 51 per share dividend and recommended a 10:1 stock split.
The steel company reported a comprehensive net profit of Rs 9,835 crore for the quarter that ended March 31, 2022 (Q4FY22), up 37.32 per cent from the Rs 7,162 crore profit in the previous fiscal’s fourth quarter.
According to a press release, the steel firm posted its highest-ever combined EBITDA of Rs 63,830 crore, with an EBITDA per tonne of Rs 21,626. Furthermore, despite a rise in capital investment of Rs 9,618 crore, CAPEX of Rs 10,522 crore, and taxes of Rs 11,902 crore, the combined free cash flow was Rs 27,185 crore, according to the company.
The gross debt was Rs 75,561 crore, with a net repayment of Rs 15,232, which lowered the net debt to Rs 51,049 crore.
According to the announcement, the 6 MTPA Pellet plant at Kalinganagar would be completed in the third quarter of FY23, preceded by the Cold Roll Mill complex and the 5 MTPA expansion.
According to the press release, the Europe organisation’s annual revenues climbed by 54% to £8,876 million.
“Tata Steel has once again proven its capacity to provide outstanding outcomes despite increased complication as a result of COVID and political situations. Due to our continued focus on customer connections, our supply chain, and our portfolio of brands, as well as our agile business model, our Indian company has seen wider development throughout our chosen segments “T V Narendran, MD & CEO of Tata Steel, was stated in the press announcement.