Tata Steel March quarter profit down y-o-y by 64.59%

30 May 2024 , 03:51 PM

 

Tata Steel released its Q4 and FY24 results. The company reported a 64.59% decline in Q4 FY24 consolidated net profit to ₹554.56 Crore due to lower steel realisations.

Total revenue from operations fell to ₹58,687 Crore from ₹63,131.08 Crore in the same quarter last year, with a 4% drop in India’s business revenue, which fell to ₹36,635 Crore from ₹38,048 Crore.

On Thursday, at the time of closing, Tata Steel shares has dropped 5%. The shares of Tata Steel has gained 55% in the last one year, and 17% since the beginning of the year.

Revenue from the Netherlands dropped to ₹13,908 Crore from ₹15,444 Crore, and UK revenue decreased to ₹6,800 Crore from ₹7,457 Crore.

For FY24, the company’s revenue decreased to ₹2,29,171 Crore from ₹2,43,353 Crore in FY23, with a net loss of ₹4,910 Crore compared to a net profit of ₹8,075 Crore in FY23.

Tata Steel India saw a 6% year-on-year growth in deliveries, reaching around 19.9 million tons, constituting 68% of total deliveries, driven by the Kalinganagar expansion.

India’s steel demand rose due to government spending and consumption, with growth in auto, infrastructure, construction, and capital goods sectors.

The board recommended a dividend of ₹3.60 per equity share for FY24 and approved issuing up to ₹3,000 Crore in debt securities via non-convertible debentures (NCDs) on a private placement basis.

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