Tata Steel Long Products tumbled 4.59% to Rs 762.75 after the company reported 82.5% drop in net profit to Rs 59.62 crore in Q4 FY22 from Rs 339.85 crore in Q4 FY21.
Net sales during the quarter increased by 16.3% YoY to Rs 1,799.40 crore.
Total expenditure increased by 55.9% to Rs 1,635.06 crore in Q4 FY22 over Q4 FY21, due to higher raw material costs (up 68.5% YoY) and higher other expenses (up 28.6% YoY).
Profit before tax in Q4 FY22 stood at Rs 85.43 crore, down by 77.7% from Rs 383.17 crore in Q4 FY21. The company wrote back taxes aggregating to Rs 6.42 crore during the period under review.
Tata Steel Long Products recorded a 13.6% rise in net profit to Rs 649.79 crore on a 43.2% increase in net sales to Rs 6,801.69 crore in FY22 over FY21.
The company's board has recommended a dividend of Rs 12.50 per equity share for the Financial Year ended 31 March 2022.
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Tata Steel Long Products is one of India's largest integrated special steel and merchant direct reduced iron (sponge iron) player.
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