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Tata Steel Long Products spurts after turnaround Q2 performance

Shares of the sponge iron manufacturer surged 15.16% to Rs 386.95 after the company reported a consolidated net profit of Rs 59.06 crore in Q2 FY21 as against a net loss of Rs 188.48 crore in Q2 FY20.

Net sales during the quarter jumped 52.5% year-on-year (YoY) to Rs 1185.86 crore in Q2 FY21.

While the company's total expenditure increased 21.1% to Rs 1002.3 crore, interest payments declined 21.8% to Rs 62.79 crore in Q2 FY21 over Q2 FY20.

Pre-tax profit in the second quarter stood at Rs 57.79 crore as against a pre-tax loss of Rs 197.07 crore in the same period last year.

Tata Steel Long Products is one of India's largest merchant sponge iron manufacturers. The company is engaged in the production of sponge iron by direct reduction method of iron ore and power generation from waste heat.

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