Tata Steel Q1 Profit Surges 75% to Rs 918 cr

New Delhi, Jul 31 (PTI) Steel major Tata Steel on Wednesday reported a 75 per cent rise in its consolidated net profit at Rs 918.57 crore in June 2024 quarter as the company managed to reduce its expenses.

It had reported a net profit of Rs 524.85 crore during the April-June period of preceding 2023-24 fiscal, the company said in an exchange filing.

The total income fell to Rs 55,031.30 crore in the reporting period from Rs 60,666.48 crore a year ago.

During the quarter under review, the company reduced its expenses to Rs 52,389.06 crore from Rs 58,553.25 crore in the same period a year ago.

Meanwhile, the board of the company gave approval to acquisition of a 26 per cent stake in TP Parivart Ltd.

As part of the plan, the company said it will infuse, in one or more tranches, up to Rs 35 crore and execute a Share Purchase & Shareholders' Agreement (SPSA) with Tata Power Renewable Energy Ltd (TPREL) and its wholly-owned subsidiary TP Parivart Ltd (TPPL), to acquire and hold 26 per cent equity stake in TPPL.

The board also approved the proposal to infuse funds, in one or more tranches, up to Rs 6,000 crore, by way of subscription to equity shares of Neelachal Ispat Nigam Limited (NINL), subsidiary of the company, during FY 2024-25.

Besides, the board has cleared the scheme of amalgamation amongst Rujuvalika Investments Limited, a wholly-owned subsidiary of the company, as well as Tata Steel and their respective shareholders, the filing said.