 "Tata Steel Q2 net profit plunges 90% to Rs 1,297 crore on higher expenses")
Domestic steel giant Tata Steel on Monday reported a nearly 90 per cent drop in consolidated net profit to Rs 1,297 crore for the July-September quarter of 2023-23, dragged by higher expenses.
The company's net profit stood at Rs 12,547.70 crore in the corresponding period of the previous financial year, Tata Steel said in a BSE filing.
Its total income during July-September 2022 stood at Rs 60,206.78 crore as against Rs 60,657.98 crore in the year-ago period.
The firm's total expenses rose to Rs 57,684.09 crore from Rs 47,239.63 crore earlier.
Homegrown Tata Steel is among the top steel producers in the world.