India’s Tata Steel Limited has reported a consolidated net profit of INR 15.66 billion ($191.20 million) in the fourth quarter (January-March) of the fiscal year 2022-23, down 84 percent year on year, a company statement said on Wednesday, May 3.
The company reported total revenue during the quarter at INR 629.6 million ($7.75 billion), down 9.2 percent year on year, the statement said.
“For the full financial year, we saw our Indian crude steel production growing to around 19.9 million mt, a 65 percent share of our overall volumes. Deliveries were in line with production, with domestic deliveries growing by 11 percent and driving product mix improvement," Tata Steel managing director T. V. Narendran said.
Meanwhile, in the European business, inflationary pressures and sustained volatility weighed on steel fundamentals during the year. Concerns about the banking sector in the January– March quarter added to the mix, the company said.
“The India business generated a margin of 20 percent, while Europe was at five percent with higher input costs affecting margins,” Tata Steel chief financial officer Koushik Chatterjee said.