Tata Steel Q3 net profit drops 43 percent to Rs 295 cr

Tata Steel on Monday reported a 43.4 per cent decline in consolidated net profit to Rs 295.49 crore for the quarter ended on December 31, 2024, due to lower income.

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The company had posted a consolidated net profit of Rs 522.14 crore in the year-ago period. The consolidated income declined to Rs 53,869.33 crore in the October-December period from Rs 55,539.77 crore in the corresponding quarter of the previous fiscal, according to an exchange filing by Tata Steel. Total expenses of Tata Steel dropped to Rs 52,118.09 crore over 53,351.13 in the year-ago period.

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The steel major had earlier said that its India crude steel production grew by 6 per cent to 5.68 million tonnes (MT) in the third quarter of the current fiscal compared to 5.35 MT in the corresponding quarter of the previous fiscal. Deliveries in India reached 5.29 MT for the third quarter, up 8.4 per cent Y-o-Y, due to steady sales in the domestic market and strategic presence in exports.

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Tata Steel Netherlands reported liquid steel production of 1.76 million tonnes for the third quarter with deliveries at 1.53 million tonnes. Tata Steel UK's output stood at zero for the quarter on account of closure of its blast furnaces in Q2FY2025. Deliveries dropped 12.5 per cent YoY to 0.56 million tonnes. Tata Steel group is a leading global steel company with an annual crude steel capacity of 35 million tonnes per annum.

PTI SID MR MR 01271903 NNNN