The company reported a standalone net profit of ₹94.72 crore for the quarter ended June, compared to a net loss of ₹12.36 crore for the same quarter last year
Mumbai: Shares of Tata Metaliks jumped as much as 8.07% after the company reported a standalone net profit of ₹94.72 crore for the quarter ended June, compared to a net loss of ₹12.36 crore for the same quarter last year.
At 01:30 pm, Tata Metaliks shares were at ₹1246.55 up 3.70% from its previous close, while the benchmark index, Sensex gained 0.26% to 52,907.43.
Revenue from operations surged 187.21% to ₹602.97 crore for the June quarter over ₹209.94 crore for the corresponding quarter of previous fiscal. Pre-tax profit was at ₹134.83 crore in June 2021 quarter compared with pre-tax loss of ₹16.47 crore in June 2020 quarter.
"The company has delivered strong results primarily due to record sales and booming prices of pig iron. DI (ductile iron) pipe business got impacted mainly due to COVID-induced restrictions by state governments," Sandeep Kumar, managing director of Tata Metaliks said in a statement.
However, demand for DI pipes remains robust on the back of significantly increased allocation in this year's Union budget for water infrastructure, he said.
The company's revenue from the pig iron segment grew 276.02% to ₹519.44 crore in Q1 June 2021 from ₹138.14 crore in Q1 June 2020. Revenue from Ductile Iron Pipe segment climbed 86.81% to ₹225.54 crore in Q1 June 2021 as against ₹120.73 crore in Q1 June 2020.
Tata Metaliks are pioneers for manufacturing pig iron and ductile iron pipes in India.