Tata Steel on Wednesday reported a 51.4 per cent year-on-year (Y-o-Y) jump in consolidated net profit to ₹959.61 crore in the quarter ended June 30, 2024 (Q1FY25) as operations in the Netherlands got back to normal operating levels. The net profit rise was also aided by lower expenses and lower raw material costs. The steel major's net profit in the year-ago period stood at ₹633.95 crore.
Total revenue on a consolidated basis was ₹54,771.39 crore, down 7.9 per cent Y-o-Y. Both revenue and net profit fell short of the Bloomberg consensus estimate at ₹56,339.70 crore and ₹1,215.40 crore, respectively. Sequentially, revenue was down 6.7 per cent while net profit was up 56.9 per cent.
Tata Steel spent ₹3,777 crore on capital expenditure during the quarter and its net debt stands at ₹82,162 crore. On July 25, a nine-judge Constitution Bench of the Supreme Court had ruled that states have the power to levy cess on mining and mineral-use activities.
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