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Tata Steel Long Products declines after weak Q3 outcome

Tata Steel Long Products slipped 3.6% to Rs 793.50 after the companys net profit declined 65.8% to Rs 103.8 crore in Q3 FY22 from Rs 304.3 crore posted in Q3 FY21.

January 18, 2022 10:43 IST | capital market
Revenue from operations increased by nearly 23% to Rs 1677.22 crore in Q3 FY22 from Rs 1,364.17 crore posted in Q3 FY21. Profit before tax declined 52.5% to Rs 144.2 crore in Q3 FY22 over Q3 FY21.

Total expenses spiked 39.6% to Rs 1,530.6 crore in Q3 FY22 from Rs 1,095.9 crore reported in Q3 FY21. The result was announced after market hours yesterday, 17 January 2022.

Tata Steel Long Products is one of Indias largest merchant sponge iron manufacturers. The company is engaged in the production of sponge iron by direct reduction method of iron ore and power generation from waste heat.

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