Tata Steel Profit Drops 43.4% in Q3 2024

New Delhi, Jan 27 (PTI) Tata Steel on Monday reported a 43.4 per cent decline in consolidated net profit to Rs 295.49 crore for the quarter ended on December 31, 2024, due to lower income.

The company had posted a consolidated net profit of Rs 522.14 crore in the year-ago period.

The consolidated income declined to Rs 53,869.33 crore in the October-December period from Rs 55,539.77 crore in the corresponding quarter of the previous fiscal, according to an exchange filing by Tata Steel.

Total expenses of Tata Steel dropped to Rs 52,118.09 crore over 53,351.13 in the year-ago period.

The company's Chief Executive Officer and Managing Director T V Narendran said that the company's growth plans in Kalinganagar are on course.

"In the UK, we are progressing on the transition to low carbon steelmaking. The closure of heavy end assets has started yielding benefits with improvement in the overall cost and emissions profile," he said.

In the Netherlands, the company continue to engage with the government on support for the decarbonisation of its operations, Koushik Chatterjee, Executive Director and Chief Financial Officer of Tata Steel said.

The company said in a statement that its net debt stands at Rs 85,800 crore.

The group's liquidity remains strong at Rs 28,219 crore, which includes cash and cash equivalents of Rs 13,119 crore.

The steel major had earlier said that its India crude steel production grew by 6 per cent to 5.68 million tonnes (MT) in the third quarter of the current fiscal compared to 5.35 MT in the corresponding quarter of the previous fiscal.

Deliveries in India reached 5.29 MT for the third quarter, up 8.4 per cent Y-o-Y, due to steady sales in the domestic market and strategic presence in exports. Tata Steel Netherlands reported liquid steel production of 1.76 million tonnes for the third quarter with deliveries at 1.53 million tonnes.

Tata Steel UK's output stood at zero for the quarter on account of the closure of its blast furnaces in Q2FY2025.

Deliveries dropped 12.5 per cent YoY to 0.56 million tonnes. Tata Steel Group is a leading global steel company with an annual crude steel capacity of 35 million tonnes per annum.