Tata Steel Long slips ~4% on posting loss of Rs331.09 crore in Q1FY23

15 Jul 2022 , 01:20 PM

Tata Steel Long Products Limited reported a net loss of Rs331.09 crore in the June 2022 quarter dragged down by heavy expenses during the period, as compared to a Profit of Rs331.60 crore in the previous corresponding quarter.

The company reported a jump of 24.78% yoy in income at Rs2,154.78 crore for Q1FY23 as compared to Rs1,726.82 crore in the previous corresponding quarter.

Total expenses during the quarter increased to Rs2,489 crore, up from Rs1,282.59 crore in the same quarter previous year.

TSLP is among the largest integrated special steel and merchant direct reduced iron (sponge iron) players.

Following this development, Tata Steel’s counter dipped 3.83% at Rs582 against the previous close of Rs605.15 on NSE. It touched intraday high and low of Rs589.10 and Rs570 respectively.