Tata Steel posts consolidate net profit of Rs 513 crore in Q3; swings back to black

25 Jan 2024 , 11:30 AM

Tata Steel reported a consolidated net profit of Rs 513 crore on Wednesday, compared to a deficit of Rs 2,224 crore the year before. The earnings exceeded the ET Now poll prediction of Rs 180 crore.

Revenue from operations fell 3% year-on-year (YoY) to Rs 55,312 crore. In the previous fiscal quarter, it stood at Rs 57,084 crore.

In regard to the merger with Tata Metaliks, the company’s Board of Directors has approved the issuance of 79 Tata Steel shares for every 10 Tata Metaliks shares owned by qualified shareholders.

The record deadline for determining shareholder eligibility for the amalgamation programme is February 6.

The company’s operational profit also exceeded expectations, reaching Rs 6,264 crore in the third quarter, compared to the poll forecast of Rs 4,853 crore. Consolidated margins for the reporting period were 11.3%.

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