Tata Steel Long Products Limited (TSLPL), a subsidiary of India’s Tata Steel reported a net loss of INR 3.31 billion ($41.58 million) in the first quarter (April-June) of 2022-23 fiscal year, against a net profit of INR 3.32 billion ($41.65 million) in the corresponding quarter of previous fiscal year, a company regulatory filing said on Friday, July 15.
TSLPL reported an 18 percent rise in net sales at INR 19.94 billion ($250.50 million) during the quarter, according to the filing.
It might be noted that earlier this month, TSLPL, which was acting on behalf of Tata Steel Limited, completed the acquisition of the steel mill of the government with a capacity of 1.1 million mt per month owned by Neelachal Ispat Nigam Limited (NINL) following a winning bid in privatization program of the government.
$1 = INR 79.60