Tata Steel on Thursday posted a consolidated net profit of Rs 9,768.34 crore for Q1FY22. In the year-ago period, the company incurred a net loss of Rs 4,648.13 crore, Tata Steel said in a BSE filing.

Total income zoomed to Rs 53,534.04 crore during the quarter under review from Rs 25,662.43 crore a year ago. Expenses were at Rs 41,397.23 crore as against Rs 29,116.37 crore in Q1FY21.

In an interview to CNBC-TV18, TV Narendran, CEO & MD of Tata Steel, said that they are looking to reduce debt significantly in FY22.

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"As far as debt reduction is concerned $1 billion is the minimum that we chase, obviously we will reduce much more than that. I don't want to give a specific guidance but certainly if the EBITDA is better than last year certainly we are looking at significant debt reduction. As of now things look reasonably good, Indian market is also picking up, demand is coming back in many sectors, so structurally there are changes, which are positive for the industry and not just for Tata Steel."

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Narendran said they remain positive on Europe and expect significant improvement in spreads from Q2FY22 onwards.

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"In Europe we have contracts of different tenures and the tenure also determines the way the spot prices or the market prices flow into the bottom line. A lot of the older priced contracts are ending or have ended and so you will see s significant upside from this quarter onwards. You will see the spreads improve very significantly in Q2FY22 and will flow through in the rest of the year. So we are very positive about Europe, going forward."

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With text inputs from PTI.

(Edited by : Bivekananda Biswas)

First Published:Aug 13, 2021 5:05 PM IST