Indian steelmaker Tata Steel Limited has reported a consolidated net profit of INR 5.54 billion ($66.49 million) in the fourth quarter (January-March) of the fiscal year 2023-24, a decline of 64.8 percent year on year, according to a company statement on Thursday, May 30.
The company revenues from operations were reported at INR 58.68 billion ($7.04 billion), a fall of 6.8 percent year on year.
“In India, which is a structurally attractive market, we have delivered improved margins and have continued to expand our footprint in terms of volumes as well as product portfolio. Our domestic deliveries were best-ever at around 19 million mt and were up nine percent over the previous fiscal year, with broad-based improvement across chosen market segments,” said Tata Steel CEO T V Narendran in the statement.
Meanwhile, Tata Steel has approved the proposal to infuse funds of up to $2.11 billion into a wholly-owned subsidiary T Steel Holdings (TSHP) Singapore, to repay debts and to support the restructuring costs at Tata Steel UK.
Last month, Tata Steel announced that it will proceed with its £1.25-billion investment to build an electric arc furnace at Port Talbot, UK, replacing two blast furnaces, and that it will commence the closure of the existing heavy end assets in the following months.