Tata Steel Q1 consolidated net profit falls over 93% to Rs 524.85 cr

Tata Steel on Monday posted over 93 per cent decline in consolidated net profit to Rs 524.85 crore for the April-June quarter of 2023-24 on account of higher expenses.

It had posted Rs 7,714 crore net profit in the corresponding period of 2022-23, according to a company filing to exchanges.

Total income also declined to Rs 60,666.48 crore from Rs 63,698.15 crore in the year-ago quarter, a fall of 4.75 per cent.

Expenses soared to Rs 58,553.25 crore in the first quarter of FY24 as against Rs 51,912.17 crore a year ago.