India’s Tata Steel Limited has reported a consolidated net profit of INR 5.22 billion ($62.75 million) in the third quarter (October-December) of the fiscal year 2023-24, marking a turnaround from a consolidated net loss of INR 25.01 billion ($300.70 million) in the corresponding quarter of the previous fiscal year, according to a company statement on Thursday, January 25.
The company reported total revenues of INR 553.11 billion ($6.65 billion) during the quarter, a decline of three percent year on year.
Tata Steel further reported domestic deliveries of 4.88 million mt, which it claimed to be the highest ever in a third quarter owing to strong local demand for steel.