The total income of Tata Steel registered at INR 63,698.15 crore in Q1FY23 as compared to the total income of INR 53,627.66 crore in Q1FY22.
Tata Steel Ltd., part of the diversified conglomerate Tata Group, has declared its consolidated financial performance for the first quarter that ended June 30, 2022, i.e. Q1FY23. The steel giant has registered a net profit of INR 7,714 crore for the April-June quarter.
The company had reported a net profit of INR 9,768.34 crore in the same period of 2021-22, Tata Steel said in a regulatory filing. The total income of the company stood at INR 63,698.15 crore in April-June this year against INR 53,627.66 crore in Q1 of the previous fiscal year. The expenses including the cost of materials consumed and the finance costs increased to INR 51,912.17 crore from INR 41,490.85 crore in the first quarter of the previous FY.
Mr. T.V. Narendran, CEO & Managing Director, Tata Steel, says, “We are geared towards commissioning the 6 MTPA pellet plant at Kalinganagar in 3QFY23 which will drive cost savings followed by the CRM complex and the 5 MTPA expansion project. Our subsidiary, Tata Steel Long Products, has completed the strategic acquisition of Neelachal Ispat Nigam Ltd and will drive growth of our long products business. We continue to progress on our sustainability journey and are committed to being net zero by 2045. We are also focused on making Tata Steel more diverse & inclusive and were ranked 3rd among manufacturing companies by Great Place to Work in India.”
Tata Steel Ltd. is among the country’s top four steel producers and contributes about 18 percent to the total domestic steel production. It is one of the world’s most geographically-diversified steel producers, with operations and commercial presence across the world.