You are here: Home > Steel News > Latest Steel News > India’s...

India’s Tata Steel reports 21% decline in net profit in Q1 of FY 2022-23

Tuesday, 26 July 2022 11:10:55 (GMT+3)   |   Kolkata
       

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.


Similar articles

India’s Tata Steel bounces back to record profit in Q2 FY 2024-25

07 Nov | Steel News

India’s Tata Steel sees higher consolidated net profit in Q1 FY 2024-25

01 Aug | Steel News

Tata Steel sees 65% drop in consolidated net profit in Q4 FY 2023-24

30 May | Steel News

India’s TSLPL reports net loss in Q1 of FY 2022-23

15 Jul | Steel News

Tata Steel’s consolidated net profit up 159% in Q3

07 Feb | Steel News

Tata Steel’s consolidated net profit up 661% in Q2 FY 2021-22

12 Nov | Steel News

Tata Steel posts net profit for Q1 FY 2021-22, from net loss a year earlier

13 Aug | Steel News

India’s Tata Steel BSL Limited returns to profit in Q1 FY 2021-22

06 Aug | Steel News

Tata Steel targets capex of $1.35 billion a year for five years, doubles debt reduction target to $2 billion in FY ...

07 Jul | Steel News

Tata Steel’s EBITDA down over 50% in Q2, keeps Indian output stable

06 Nov | Steel News