Tata Steel Q1 profit falls 21% to Rs 7,714 crore due to higher expenses
Tata Steel on Monday posted a 21 per cent fall in its consolidated net profit to Rs 7,714 crore for the April-June quarter due to higher expenses.
The company had reported a net profit of Rs 9,768 crore in the same period of 2021-22, the steel giant said in regulatory filing.
Total income of the company was at Rs 63,698.15 crore in April-June this year against Rs 53,627.66 crore in April-June of the preceding fiscal.
Its expenses including the cost of materials consumed and the finance cost, increased to Rs 51,912.17 crore from Rs 41,490.85 crore in the year-ago quarter.
Tata Steel is among the country's top four steel producers and contributes around 18 per to the total domestic steel production.