Tata Steel Q1 net profit jumps 75 per cent to Rs 960 crore

Tata Steel Q1 net profit jumps 75 per cent to Rs 960 croreJuly 31, 2024Mumbai, July 31 (IANS) Tata Steel on Wednesday reported a 75 per cent growth in its consolidated net profit to Rs 960 crore for the April-June quarter of the current financial year compared to Rs 524.8 crore in the same period of the previous year.The company’s revenue from operations during the first quarter declined 8 per cent year-on-year to Rs 54,771 crore compared to Rs 59,490 crore in the same period last year.Shares of Tata Steel closed 0.79 per cent higher at Rs 165.35 apiece, as compared to a 0.35 per cent advance in the benchmark BSE Sensex. The results were announced after market hours.Tata Group chairman N. Chandrasekaran said at Tata Steel’s annual general meeting recently that the company would continue to allocate around Rs 10,000 crore a year for capital expenditure to expand its production capacity to 40 million tonnes per annum (mtpa) by 2030,He said Tata Steel would continue to deploy strategies for the expansion plan and use the right technologies to make progress on decarbonisation.The company is expanding its Kalinganagar plant from 3 mtpa to 8 mtpa. “The company plans to increase the Kalinganagar capacity by an additional 5mt under the third phase to reach 13mtpa. NINL, an acquired subsidiary and part of the Kalinganagar ecosystem, will also be expanded from the current 1 mtpa to 5.5 mtpa in the coming years,” he added.Chandrasekaran also said Tata Steel would continue to focus on transforming its international sites, with the second blast furnace in the UK likely to shut down by September. The plants will be replaced with electric-arc furnaces of an equivalent capacity through a 1.25 billion pounds investment in collaboration with the UK government. He said the change in the UK government has not affected the ongoing discussions regarding Tata Steel UK. The company’s UK plant has been making heavy losses. –IANSsps/pgh