Tata Steel, which had closed yesterday at Rs.492.10, rose up to hit a new 52-week high today at Rs.524, where it currently remains. Even Tata Steel PP went on to hit a new high today at Rs.115.65. Both of them are the among the top five gainers on the BSE.

The company declared its earnings for Q2FY21 on Friday and obviously, the market is thrilled as there is a turnaround, sequentially. Its consolidated net profit for the quarter came in at Rs.1635 crore v/s loss of Rs.4609 crore in Q1FY21. YoY, it is down from Rs.4043 crore. The increase in tax outgo is what hit the bottomline.

Its revenue from operations rose over 7% to Rs.36,476 crore on the back of higher volumes, improved realisations, and cost efficiencies. 

EBITDA was at Rs.6217 crore, up 60% (YoY) and almost 10.5 times higher sequentially.

The company has been able to ramp-up capacity utilization to normal levels and achieved highest ever sales despite the ongoing challenges due to the COVID pandemic. There has also been a significant improvement in product mix towards domestic sales and higher value-added products and a sharp reduction in costs.

The company is re-organizing its Indian subsidiaries into four verticals to drive scale, synergies and simplification. In Europe, though the overall environment remains challenging and recovery is more gradual, there has been an improvement in volumes and sales mix.

It reduced its consolidated net debt by Rs.8,197 crores which is now below March 2019 levels.

It ended 2Q with a liquidity buffer of Rs.24,323 crores with about Rs.17,824 crores in cash & cash equivalents.