Tata Steel Soars with 75% Profit Surge in June 2024 Quarter

Tata Steel reported a 75% rise in consolidated net profit at Rs 918.57 crore for the June 2024 quarter due to reduced expenses. The company saw a decrease in total income to Rs 55,031.30 crore from Rs 60,666.48 crore a year earlier. The board approved acquisitions and fund infusions to boost operations.

Steel giant Tata Steel announced a significant 75% increase in consolidated net profit, totaling Rs 918.57 crore in the June 2024 quarter, attributing the boost to reduced expenses.

In comparison, the company had reported a net profit of Rs 524.85 crore for the same period in the previous fiscal year, according to an exchange filing.

Total income dropped to Rs 55,031.30 crore from Rs 60,666.48 crore over the year. Despite the lower income, expenses were slashed to Rs 52,389.06 crore from Rs 58,553.25 crore in the corresponding quarter last year.

The board has also approved the acquisition of a 26% stake in TP Parivart Ltd, involving an infusion of up to Rs 35 crore and a Share Purchase & Shareholders' Agreement with Tata Power Renewable Energy Ltd and TP Parivart Ltd.

Additionally, Tata Steel will infuse up to Rs 6,000 crore in Neelachal Ispat Nigam Limited, its subsidiary, for FY 2024-25. The board has also cleared an amalgamation scheme involving Rujuvalika Investments Limited, a wholly-owned subsidiary, and Tata Steel.