NEW DELHI: Tata Steel on Monday posted over a 93 per cent decline in consolidated net profit to Rs 524.85 crore for the April-June quarter of the financial year 2023-24 on account of higher expenses.
The company had reported a Rs 7,714 crore net profit in the corresponding period of the financial year 2022-23, according to a company filing to exchanges. Total income declined to Rs 60,666.48 crore from Rs 63,698.15 crore in the year-ago quarter, a fall of 4.75 per cent.
Expenses soared to Rs 58,553.25 crore in the first quarter of the financial year 2023-24 (FY24) compared to Rs 51,912.17 crore a year ago.
The company’s India revenues stood at Rs 34,901 crore in Q1FY24 from 34,015 crore reported in the same quarter the previous year. EBITDA was Rs 7,514 crore. Crude steel production was nearly 5 million tonnes and was up 2 per cent YoY, primarily driven by ramp-up at Neelachal Ispat Nigam Limited.