Tata Steel’s Net profit increased by 159% in Q3

The leading steel producing company of India, Tata Steel released its earnings for the third quarter. They reported a consolidated net profit of ₹9,572 crores. This is 159% more than what they earned in the same quarter in the previous financial year when it reported just ₹3,697 crores. The steel maker’s net profit also rose by 45% taking it to ₹60,783 from ₹41,935. Tata Steel CEO and MD T V Narendran informed that as the third wave of covid settles down the steel demand has increased gradually amid the recovering economy. He said the company’s steel deliveries increased by 4% in the first three quarters of the financial year. Tata steel share price closed at ₹1,174 on the national stock exchange and has gained 71.43% in one year. The production of crude steel reached 4.81 million tons, a slight increase of 4% than last year. an increase of 2% was also registered in domestic deliveries.