[ad_1]
Tata Steel on Monday reported a 21 per cent fall in its consolidated net profit to Rs 7,714 crore for the April-June quarter (Q1) because of higher expenses, the PTI reported. The steel major, according to the report, had clocked a net profit of Rs 9,768 crore in the same period of 2021-22, the steel giant said in regulatory filing.
Tata Steel’s total income was at Rs 63,698.15 crore in April-June this year against Rs 53,627.66 crore in April-June of the preceding financial year. Its expenses, including the cost of materials consumed and the finance cost, increased to Rs 51,912.17 crore from Rs 41,490.85 crore in the year-ago quarter.
On a sequential basis, the consolidated revenues have declined 8.5 per cent from Rs 69,324 crore during the previous quarter. Consolidated Ebitda came at Rs 15,047 crore. On QoQ basis, the Ebitda margin has improved to 24 per cent, while Ebitda per ton increased by Rs 3,780 to Rs 22,717.
“This has been a challenging quarter for the Global and Indian economy with rising interest rates, supply chain constraints and slowdown in China due to Covid-19. Despite these multiple headwinds, Tata Steel has delivered a strong performance with an improvement in margins,” Tata Steel CEO and MD TV Narendran said.
Tata Steel is among the country’s top four steel producers and contributes around 18 per to the total domestic steel production.
Shares of Tata Steel closed Rs 11.45 lower at Rs 1,017.25 apiece on Monday on NSE. The stock has declined 26 per cent over the past one year but has gained 11.5 per cent over the last one month.
[ad_2]