Tata Steel Bounces Back with Q2 Profit

Tata Steel has reported a net profit of Rs 758.84 crore for the September 2024 quarter. This turnaround is attributed to reduced expenses, following a net loss of Rs 6,511.16 crore in the previous fiscal's same quarter. The company's income slightly decreased to Rs 54,503.30 crore.

Tata Steel has achieved a significant turnaround, reporting a net profit of Rs 758.84 crore in the September 2024 quarter. This marks a notable recovery from the net loss of Rs 6,511.16 crore recorded during the same period in the previous fiscal year.

The steel giant attributes this comeback to strategic cost reductions, bringing expenses down to Rs 52,331.58 crore from Rs 55,853.35 crore. This prudent financial management played a crucial role in reversing the company's fortunes.

Despite the profit, Tata Steel's total income experienced a slight decrease, dropping to Rs 54,503.30 crore in the second quarter from Rs 55,910.16 crore over the corresponding period last year, as outlined in the latest exchange filing.

(With inputs from agencies.)