India’s Tata Metaliks, a producer of pig iron and ductile pipes, has reported a net profit of INR 142.90 million ($1.74million) for the second quarter (July-September) of the fiscal year 2022-23, down 73.8 percent year on year, according to a company statement on Tuesday, October 18.
The company has reported total revenue earnings of INR 8.76 billion ($106.92 million) for the period, a rise of 36 percent year on year.
The higher revenue earning was driven by higher sales volumes of both pig iron and ductile iron pipe, up 23 percent and 52 percent, respectively, despite the disruption for four to five days due to rail and road labor action at its plant site in West Bengal state, the company said.
Realisations from pig iron saw a drop of approximately 11 percent during the quarter compared to the corresponding quarter of the previous fiscal year due to oversupply in the domestic market as a result of the virtual stoppage of exports after the imposition of export duty of 15 percent on pig iron.
Realisations from ductile iron pipe, on the other hand, increased by approximately three percent year on year during the quarter, the company reported.