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JP Morgan has set a price target of Rs 1,610 per share for Tata Steel.

Tata Steel on Wednesday posted a consolidated net profit of Rs 7,161.91 crore for the quarter ended March 2021, mainly on account of higher income. The company had reported a net loss of Rs 1,615.35 crore in the year-ago quarter.

The company’s board has declared a final dividend of Rs 25 per share for the financial year ended March 2021. “The Board of Directors has recommended a dividend of 25/- per fully paid-up Ordinary Share of 10/- each and 6.25p per partly paid-up Ordinary Share of 10/- each (paid-up 2.504 per share) for the financial year 2020-21. The dividend has been calculated in proportion to the amount paid-up on each,” the company said in a regulatory filing.

In Q4FY21 Tata Steel achieved the highest ever quarterly crude steel production of 4.75 mn tons from India operations this saw company’s total income jumped to Rs 50,249.59 crore from Rs 37,322.68 crore earlier.

On the operational front also the company managed to achieve the highest ever quarterly EBITDA of Rs.12,295 crores with 40%QoQ and 2.7x YoY growth in 4QFY21. This translates into an EBITDA per ton of Rs.26,309 and an EBITDA margin of 40.9%. FY21 EBITDA was Rs.28,587 crores.

Koushik Chatterjee, Executive Director & Chief Financial Officer said, “The fourth quarter performance stood out in terms of both earnings and cash flows, and helped the company to report one of the highest underlying performance for the full year in spite of the pandemic-related disruptions during the first half of the financial year.”

Tata Steel’s consolidated free cash flows stood at Rs.8,826 crores in 4QFY21 and Rs.23,748 crores in FY21. While its net debt decreased by Rs.29,390 crores to Rs.75,389 crores. Net debt to EBITDA improved to 2.44x and net debt to equity improved to 0.98x.

Shares of the company on Wednesday ended at Rs 1,068.95 apiece, up 0.46 per cent on BSE.