Tata Steel reports Q1 profit at Rs 9,768 cr; sales more than double

Even though the demand is seen recovering in India, domestic steel prices continue to be at a steep discount to China import parity prices, says CEO Narendran

Tata Steel posted a strong set of numbers for the June quarter, beating estimates despite the impact of second coronavirus wave.

One of the top performer in the Nifty50 pack, Tata Steel reported a consolidated net profit of Rs 9,768 crore in the first quarter (Q1FY22). The company had posted a loss of Rs 4,648 crore in the year-ago period.

Sequentially, the profit after tax, rose 36 per cent from Rs 7,161 crore in the March quarter.

According to a consensus Bloomberg estimate, Tata Steel was expected to report a record profit of over Rs 9,000 crore, while the revenue