On Tuesday, Tata Steel published its quarterly report for the fourth quarter of the financial year 23. Even though the steel manufacturer’s earnings fell by 84%, it was still more than what the market had anticipated.
Tata Steel revealed on May 2 that their consolidated net profit for the quarter that ended in March 2023 was Rs 1,566 crore, which is an 84 percent year-on-year reduction in profitability. The previous year’s comparable quarter had a net profit of Rs 9,835 crore.
The income from operations of the steelmaker in the fourth quarter came in at Rs 62,962 crores, which is down Year-over-Year by 9.2% from Rs 69,323 crores.
The operating margins have decreased from the previous period’s level of 21.7 percent to the current level of 11.5 percent. Despite this, the company saw strong momentum, with deliveries increasing by 9 percent sequentially to a total of 5.15 million tonnes.
A dividend of Rs 3.60 per fully paid-up equity share with a face value of Re 1/- each has been recommended by the Board of Directors.