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.
Bu hikaye Mint Mumbai dergisinin May 03, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Mint Mumbai dergisinin May 03, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Quick Edit: The market's green role
The world needs to bend its rising curve of carbon emissions, a goal that's proving elusive. Adding to the challenge, US climate policy is likely to flip back into neglect mode next year.
Growth shouldn't suffer for want of a market fix
Packaged food companies should drive a food-processing revolution and run a campaign for substitution of fresh-veggie demand. It'll crush price volatility and open up space for rate cuts
We should reform import tariffs to boost Make in India!
Tariff reforms to resolve duty inversions can arrest the 'cost competitiveness leak' of Indian manufacturing
Trying to quantify everything may worsen human decisions
'Quantification fixation' is real—and we should learn to resist it
Hope has sprung anew amid the thick haze hovering over COP-29
The climate summit has seen rules being ratified for a carbon market, progress on finance and high corporate participation
Trump's return is set to send the world scouting for fresh options
His confrontational stand on issues will ruffle feathers and make nations review their alignments
Why national pride has not helped clean up Delhi's air
A sense of shame was expected to get it done. That hasn't worked. Do we lack the will and talent?
SEBI CAN DO MORE TO DISSUADE RETAIL F&O SPECULATION
A recent Securities and Exchange Board of India (Sebi) report highlighted the significant losses individual traders have incurred in the equity futures and options (F&O) segment between FY22 and FY24.
Is filing ITR in old regime still valid?
I am with the Indian Army. Until last year, we received Form 16 under the old tax regime, including allowances such as HRA, travel and uniform.
Avoid common mistakes in NRO, NRE accounts: A guide for NRIs
Tips on using NRE and NRO accounts to effectively manage funds, repatriate money and remain tax-compliant
