Higher margins boosted the pig iron (PI) and ductile iron (DI) pipe maker — Tata Metaliks Ltd’s internet revenue to Rs 75.18 crore for the third quarter ended December 2020, a bounce of 55 per cent over the corresponding quarter of final 12 months, the corporate mentioned on Tuesday.
Revenue from operations was Rs 526 crore for the quarter, marginally larger from Rs 518 crore registered within the corresponding interval of FY20.
Tata Metaliks Ltd, a subsidiary of Tata Steel, has its manufacturing amenities at Kharagpur, West Bengal. It produces PI and DI pipes. The plant yearly produces round 550,000 tonne of scorching steel, of which over 200,000 tonne is transformed into DI pipes and the remainder into PI.
The firm’s DI pipe deliveries had been, nevertheless, decrease by 19 per cent in contrast with Q3 FY20. Post the Covid-19 pandemic, the DI pipe business has been beneath stress as a consequence of slowdown of executable initiatives.
The firm demonstrated sturdy efficiency in pig iron division and recorded the very best quarterly deliveries within the final 5 years.
“The company has delivered excellent results in its pig iron business despite over a month-long shutdown of one of its blast furnaces for capital repairs. Strong focus on operational performance coupled with a buoyant market for pig iron has contributed to the high margins. The DI Pipe expansion project which was moving slowly due to Covid has been put on fast track for completion within the next financial year,” Tata Metaliks, managing director Sandeep Kumar mentioned.
On Tuesday, Tata Metaliks was buying and selling at Rs 824, down Rs 10.40 on Monday on the Bombay Stock Exchange (BSE).