Tata Metaliks reports Rs 94.72 crore net profit for June quarter

The firm was helped higher sales and price realisation

Tata Metaliks Ltd, a subsidiary of Tata Steel, on Tuesday reported a net profit of Rs 94.72 crore for the quarter ended June 30, 2021.

The company posted a net loss of Rs 12.36 crore in the year-ago quarter, Tata Metaliks said in a BSE filing.

Total income during April-June 2021-22 increased to Rs 606.45 crore from Rs 210.99 crore in the year-ago period.

Expenses were at Rs 471.62 crore during the quarter under review, up from Rs 227.46 crore a year ago.

"The company has delivered strong results primarily due to record sales and booming prices of pig iron. DI pipe business got impacted mainly due to COVID-induced restrictions by state governments. However, demand for DI pipes continues to remain robust on the back of significantly increased allocation in this year's Union budget for water infrastructure," Sandeep Kumar, Managing Director of Tata Metaliks said in a statement.

Tata Metaliks has manufacturing facilities at Kharagpur, West Bengal, which produces pig iron and DI pipes. The plant annually produces around 5.50 lakh tonne of hot metal, out of which over 2 lakh tonne is converted into DI pipes and the rest into pig iron.