India’s Tata Steel Limited has reported a consolidated net profit of INR 15.14 billion ($184.83 million) during the second quarter (July-September) of the fiscal year 2022-23, a decline of 88 percent year on year, a company statement said on Monday, October 31.
The company has reported a consolidated revenue of INR 598.77 billion ($6.94 billion), up a marginal one percent over the corresponding period of the previous fiscal year.
“Concerns about a slowdown in key economies, persisting geopolitical issues, coupled with seasonal factors, have led to a volatile operating environment. Despite these headwinds, Tata Steel registered best-ever domestic sales in India enabled by a strong product portfolio and an extensive distribution network, which services end-to-end requirements in chosen segments,” T.V. Narendran, CEO and managing director of Tata Steel, said in the company statement.