Tata Steel Swings to Profit with Cost-Cutting Maneuvers

Tata Steel reported a net profit of Rs 758.84 crore for the September 2024 quarter, recovering from a loss of Rs 6,511.16 crore last year. The turnaround was driven by reduced expenditures. Despite this, the company's total income decreased slightly compared to the previous year.

Tata Steel has announced a remarkable turnaround, posting a net profit of Rs 758.84 crore for the September 2024 quarter. This comes after incurring a significant loss of Rs 6,511.16 crore in the same period during the preceding fiscal year, 2023-24.

The recovery in profitability is attributed primarily to a strategic reduction in expenses, which were slashed to Rs 52,331.58 crore from Rs 55,853.35 crore in the year-ago quarter. This cost-cutting measure played a crucial role in the company's financial rebound.

However, the company reported a slight dip in its total income, which fell to Rs 54,503.30 crore from Rs 55,910.16 crore compared to the previous year. Despite this decline in revenue, Tata Steel's efficient management of expenses has led to a profitable quarter.

(With inputs from agencies.)