India’s Tata Steel reported net profit of INR 77.14 billion ($964.25 million) in first quarter (April-June) of fiscal 2022-23, a decline of 21 percent over corresponding period of previous year, a company regulatory filing said on Tuesday, July 26.
The company reported total income of INR 636.98 billion ($7.96 billion) during the quarter, up 19 percent over corresponding period of previous year.
“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. Despite these multiple headwinds, Tata Steel has delivered a strong performance with an improvement in margins," Tata Steel, CEO, T V Narendran said in the regulatory filing.
“Our European business delivered a sharp improvement in performance as long term contracts and product mix helped drive a strong increase in realizations. We are geared towards commissioning the 6 million mt per year pellet plant at Kalinganagar, Odisha in the third quarter of current fiscal which will drive cost savings followed by the cold rolling mill (CRM) complex and the 5 million mt per year expansion project,” he said.
“Our subsidiary, Tata Steel Long Products, has completed the strategic acquisition of Neelachal Ispat Nigam Limited and will drive growth of our long products business. We continue to progress on our sustainability journey and are committed to being net zero by 2045, Narendran said in the statement.