Tata Steel's Profit Dips Amidst Production Growth

Tata Steel reported a 43.4% decline in net profit for Q3 2024, down to Rs 295.49 crore, due to reduced income. However, its India crude steel production increased by 6% to 5.68 MT, with deliveries up by 8.4% year-over-year. Tata Steel UK saw no output due to business closures.

Tata Steel on Monday announced a significant 43.4 percent drop in its consolidated net profit, bringing it down to Rs 295.49 crore for the quarter ending December 31, 2024. This decline was attributed to lower income figures compared to the corresponding period a year earlier.

The steel giant had previously reported a consolidated net profit of Rs 522.14 crore in the same quarter of the previous year. Its consolidated income fell to Rs 53,869.33 crore during the October-December period from Rs 55,539.77 crore in the previous fiscal year's corresponding quarter, according to the exchange filing made by Tata Steel.

Interestingly, despite the financial setbacks, Tata Steel's India operations reported a 6 percent increase in crude steel production, reaching 5.68 million tonnes. Deliveries in India increased by 8.4 percent year-over-year, driven by strong domestic market sales and strategic export efforts. Conversely, Tata Steel UK saw no production output following the closure of its blast furnaces earlier in the fiscal year.

(With inputs from agencies.)