Tata Steel Surges Back to Profit Amid Global Challenges

Tata Steel reported a net profit of Rs 758.84 crore for the September 2024 quarter, reversing a net loss from the previous year. Despite a fall in total income, lower expenses helped drive the profit. The company is focusing on transitioning to green steel amid complex global operating conditions.

On Wednesday, Tata Steel announced a net profit of Rs 758.84 crore for the September 2024 quarter, a significant turnaround from a loss of Rs 6,511.16 crore in the same period last year.

Despite a decline in total income to Rs 54,503.30 crore, reduced expenses to Rs 52,331.58 crore played a key role in the improved profitability. CEO and MD TV Narendran commented on global challenges, noting subdued growth in key regions and macroeconomic pressures in China affecting steel prices.

Domestically, steel demand in India improved, though prices were pressured by cheap imports. The company marked progress in transitioning to green steel and highlighted capital investments. Tata Steel's net debt was reported at Rs 88,817 crore, with robust group liquidity at Rs 26,028 crore.

(With inputs from agencies.)