Tata Steel reported on Tuesday a sharp decline in its consolidated net profit of more than 84% to Rs. 1,566.24 crore for the quarter ended March 2023, mostly due to reduced revenue.
The steel giant said in a BSE filing that it generated a net profit of Rs 9,835.12 crore in the same quarter last year.
The entire revenue for Tata Steel was also reduced, falling from Rs 69,615.70 crore in the January-March quarter of the fiscal year 2021–22 to Rs 63,131.08 crore.
While the company's overall expenses increased from Rs 57,635.79 crore to Rs 59,918.15 crore in the previous year.
One of India's top six steel-producing firms is Tata Steel.
