India has emerged as the most profitable operations among all the joint ventures/ associates of ArcelorMittal (AM), contributing highest EBIDTA for the parent in 2021.
The company described its equity interest in AMNS India as the ‘most significant’ in a communication to the shareholders while declaring results for Q4 and FY 2021.
AMNS, where AM has 60 per cent interest (40 per cent with Nippon Steel), posted $2 billion (Rs 15,000 crore) EBIDTA in 2021 compared with $0.7 billion (Rs 5,250 crore) in 2020.
In the October-December quarter, the company posted an EBIDTA of $435 million compared with $274 million in the same period last year, while steel shipment stood at 1.7 million tonnes. For the full year (2021), it had a shipment of 6.9 MT.
Commenting on the performance, Aditya Mittal, chairman of AMNS India and CEO of AM, said: “AMNS India itself achieved record production, shipments and Ebitda in 2021, despite the burden of higher energy and commodity prices. We are getting more out of our existing operations at Hazira through debottlenecking and are on track to achieve 8.8 million tonnes capacity by the end of next year.”
In line with expectations, ArcelorMittal posted strong results with a threefold rise in net income at $4.04 billion (around Rs 30,100 crore) for the fourth quarter ended December 31, 2021, compared with $1.2 billion in the year ago period. For 2021, net income stood at $14.95 billion (Rs 112,125 crore) compared with $733 million loss in 2020.
Hindalco PAT jumps
Hindalco Industries, Aditya Birla Group’s metals flagship, on Thursday reported a 95.7 per cent jump in consolidated profit after tax (PAT) to Rs 3,675 crore for the quarter ended December 31, 2021.
The results were driven by positive macros and focus on downstream value added products along with better operating efficiencies.
The company had posted a consolidated PAT of Rs 1,877 crore in the year ago quarter.
Home-grown auto major Mahindra & Mahindra (M&M) on Thursday reported an over twofold increase in its standalone profit after tax (PAT) at Rs 1,353 crore for the quarter ended December 31, 2021.
The Mumbai-based company had posted a standalone PAT of Rs 531 crore in the October-December period of the previous fiscal.
Revenue for the third quarter rose by 8 per cent to Rs 15,239 crore, as against Rs 14,057 crore in the year ago period, M&M said in a regulatory filing.