India’s Tata Steel Limited has announced its financial results for the first quarter (April-June) of the financial year 2024-25. The company has reported a consolidated net profit of INR 9.19 billion ($109.75 million) in the given quarter, up 75.0 percent compared to INR 5.25 billion in the first quarter last year.
The company achieved total consolidated revenue of INR 547.7 billion ($6.54 billion) in the first quarter, marking a decline of 7.9 percent year on year. Tata Steel’s EBITDA in the April-June period amounted to INR 69.5 billion ($829.96 million), compared to INR 69.7 billion in the corresponding period of the previous financial year.
In the first quarter, the company’s consolidated crude steel production amounted to eight million mt, up by 12.2 percent year on year, while its sales volume stood at 7.39 million mt, up by 2.6 percent compared to the first quarter last year.
Commenting on the financial results, T. V. Narendran, CEO of Tata Steel, stated that, during the quarter, subdued steel demand across most regions weighed on global steel prices. “In India, steel demand was broadly stable despite some impact due to elections and heat waves,” he added.
