For the quarter that ended in September 2022, domestic steel giant Tata Steel announced a combined profit after tax (PAT) of Rs.1,514 crore on Monday. Compared to a profit of Rs.11,918 crore made during the same quarter last year, the PAT was 87% lower.
Sequentially, PAT decreased by 80% from the Rs.7,764.96 crore realised during the April–June quarter.
Analysts predicted that Tata Steel’s PAT would be approximately 3,000 crore and its combined revenues would be about 56,900 crore.
The top steel producer in the nation had a 0.8% drop in operating revenue to Rs.59,877.52 crore for the reviewed period compared to Rs.60,387.13 crore for the comparable period last year.
Earnings before interest, taxes, depreciation, and amortisation, or adjusted EBITDA, for the entire company were Rs.6,271 crore.
“Concerns about slowdown in key economies, persisting geopolitical issues coupled with seasonal factors led to a volatile operating environment. Despite these headwinds, Tata Steel registered best ever domestic sales in India enabled by a strong product portfolio and an extensive distribution network which services end to end requirements in chosen segments,” said TV Narendran, CEO and MD of Tata Steel.
Tata Steel shares finished 0.49% lower on Monday to settle at 101.10 a share on the NSE, ahead of the results. For the past two sessions, the Tata Group stock has been declining. The large cap stock has dropped 9.13% in 2022 after falling 23.29% in a year.