MUMBAI:
Tata Steel
‘s first
quarterly
profit zoomed 75% to Rs 919 crore as raw material
costs
fell, while
revenue
from
operations
declined about 8% to Rs 54,771 crore. Its
profit
and revenue in the year-ago period was Rs 525 crore and Rs 59,490 crore, respectively. Lower input costs helped the company offset subdued steel demand.
In India, demand was partly impacted due to elections and heat waves.
Expenses declined 10% to Rs 52,389 crore. Operating profit, a yardstick for underlying business performance, increased 11% to Rs 6,822 crore. Operating profit of its India business – the biggest contributor to its earnings – fell 11% to Rs 6,750 crore. Losses at its European unit, however, declined to Rs 499 crore in Q1 FY25 from Rs 1,569 crore in Q1 FY24. Tata Steel’s net debt stood at Rs 82,162 crore, while its liquidity position remained at Rs 36,460 crore. TNN
