Tata Steel Ltd’s consolidated net profit plunged 84% from a year earlier in the March quarter weighed down by tepid global steel prices and the weak performance of its European unit.
Profit in the three months ended 31 March declined to ₹1,566.24 crore from ₹9,835.12 crore a year earlier. The performance, however, marked a rebound from a net loss of ₹2,502 crore in the December quarter.
Consolidated revenue from operations fell 9.1% from a year earlier to ₹62,962 crore though it grew 10.3% sequentially. Consolidated earnings before interest, taxes, depreciation and amortization (Ebitda) at ₹7,225 crore more than halved from ₹15,174 crore a year earlier though it improved from ₹4,154 crore in the December quarter.
Steel prices during the year ago quarter had risen sharply after the start of the Russia-Ukraine war. Steel prices, however, continued declining, thereafter and hence a lower profitability on a year-on-year basis was anticipated. The domestic operations posted Ebitda of ₹8,091 crore, falling 35.47% from the year-ago quarter.
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