Tata Steel Q3 results: Company reports consolidated profit of ₹522 cr; revenue declines 3%

Tata Steel had reported a a net loss of ₹2,224 crore in the same quarter a year ago.

Published on: Jan 24, 2024, 19:49:06 IST

By HT News Desk

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Tata Steel on Wednesday reported a consolidated net profit of ₹522.14 crore in the third quarter of 2023-'24, compared to a net loss of ₹2,224 crore in the same quarter a year ago.

Tata Steel's revenue from operations declined 3% year-on-year to ₹55,312 crore. (Bloomberg)

In the last quarter (July-September), the company had reported a consolidated net loss of ₹6,196.24 crore due to impairment charges.

The company's revenue from operations declined 3% year-on-year to ₹55,312 crore. The same stood at ₹57,084 crore last year.

In a statement, the company also said that the board has approved February 6 as the record date to allot shares to shareholders of Tata Metaliks. As per the merger plan, for every 10 shares in Tata Metaliks, shareholders are to get 79 shares of Tata Steel.

Also Read | Tata Steel to cut 3,000 jobs in Wales: Report

Earlier today, ahead of the announcement of the Q3 results, shares of Tata Steel ended 5.06% higher at ₹135.15.

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