Indian steelmaker Tata Steel Limited has reported a consolidated net profit of INR 6.33 billion ($77.50 million) for the first quarter (April-June) of the fiscal year 2023-24, a decline of 91.84 percent year on year, according to a company regulatory filing on Tuesday, July 25.
The company reported a total income of INR 606 billion ($7.416 billion) during the quarter, down 4.76 percent year on year, according to the filing.
The company said that its revenues decreased due to lower volumes, partly offset by higher realisations across geographies.
During the quarter, global economic recovery continued to face headwinds affecting commodity prices including steel. In India, domestic steel demand continued to grow and was up around 10 percent on year-on-year basis, but steel spot prices moderated in line with global cues,” chief executive officer and managing director T. V. Narendran said in a statement.