India’s Tata Steel Long Products Limited (TSLPL) has posted a net loss of INR 1.84 billion ($22.45 million) for the fourth quarter (January-March) of the fiscal year 2022-23, against a net profit of INR 596.20 million ($7.27 million) in the corresponding quarter of the previous fiscal year, a company statement said on Wednesday, April 26.
For the full year of 2022-23, TSLPL has reported a net loss of INR 10.85 billion ($132.30 million), against a net profit of INR 6.29 billion ($76.81 million) in the previous fiscal year, the statement said.
TSLPL is involved in the manufacturing of high alloy steel primarily for the auto sector and wire rope industry. With a one million mt capacity, it is one of the largest speciality steel plants in India in the long product segment. Besides, the company also manufactures and markets sponge iron for the secondary steel sector, with a total production capacity of 900,000 mt.