As of Monday 31 October, Tata Steel (Tata Steel Lts) released their second quarter results (July-September) of the current financial year. In the September quarter, the company reported a net profit decline of 87 percent compared with the same period in the previous year. An 80 percent decline in profit was recorded by the company on a quarterly basis. Prior to this financial year, the company had made a net profit of Rs 12,547.70 crore.
There was a marginal decrease of 1 percent in consolidated revenue for the Tata Group Company in the September quarter to Rs 59,878 crore. Revenue at the company has decreased by 6 percent on a quarterly basis. The company's performance slumped in the September quarter due to a global steel meltdown. The company has reduced the European market to the Indian market. Despite this, rising input costs are eroding the company's margins and profits.
What did the Tata Steel CEO say about the results?
TV Narendran, managing director and chairman of Tata Steel, said: "The fear of depression in the economy, the ongoing geopolitical tensions, and the presence of factors that are happening in "time has made it less favorable to the business environment. Despite this, Tata Steel recorded the best domestic sales in India. The company is backed by a strong product portfolio and extensive distribution network.
Income and Expenditure of Tata Steel
Tata Steel's total sales in the September quarter stood at Rs 60,206.78 crore. It was Rs 60,657.98 crore in the same period a year ago. The company's total expenses also rose to Rs 57,684.09 crore in September. This is Rs 47,239.63 crore in the second quarter of FY 2021-22.
Tata Steel shares fall 26% in 1 year
Meanwhile, shares of Tata Steel closed at Rs 101.10, down 0.89% on the NSE today. The company's earnings have gained 2.80% over the past month. However, shares of Tata Steel have fallen 21.94% in the last 6 months. After last year, its shares fell 25.93%.
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