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Tata Steel Long Products Shares Up 13% After Turning Q3 Profitable
On Friday, shares of Tata Steel Long Products surged 13% to Rs 810.25 a piece on BSE, a new 52-week high, after the company reported a consolidated net profit of Rs 304 crore for the December-ended quarter on the back of strong operational performance.
In the same quarter of the previous year, the Tata group company posted a consolidated net loss of Rs 112 crore.
The company's revenue from operations rose 39% year-on-year to Rs 1,364 crore as against Rs 999 crore of the third quarter or 2019-20. Net sales during the quarter jumped 36.5% year-on-year to Rs 1364.17 crore, while the total expenditure declined by 1% to Rs 954.53 crore.
Its EBITDA (earnings before interest, taxes, depreciation, and amortization) margin stood at 30.06% in the December-ended quarter.
Tata Steel Long Products is one of India's largest merchant sponge iron manufacturers, engaged in the production of sponge iron by direct reduction method of iron ore and power generation from waste heat.
In the past month, the stock rallied 58% when compared to a 7% rise in the S&P BSE Sensex.
