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Tata Metaliks
The National Company Law Tribunal has sanctioned the amalgamation of Tata Metaliks Ltd into its parent Tata Steel, which led to the cancellation of board meeting ahead of financial results announcement of the subsidiary firm. According to a regulatory filing by Tata Metaliks, the board meeting, scheduled for January 12, to declare company's financial results has been cancelled. The National Company Law Tribunal (NCLT) Mumbai on Thursday pronounced the order sanctioning the scheme of amalgamation amongst Tata Metaliks into parent Tata Steel Ltd, the company said. "With the pronouncement of the order...the financial results of Tata Metaliks for the quarter and nine months ended December 31, 2023, shall be considered along with the financial results of Tata Steel," the filing said. Shares of Tata Metaliks were trading 0.96 per cent higher at Rs 1,067.55 apiece on the BSE.
Tata Metaliks Limited (TML) on Friday announced a nearly six per cent rise in net profit to Rs 55.56 crore for the fourth quarter period ended March 2023 on the back of higher revenues. The net profit for the corresponding Q4FY'22 was Rs 52.46 crore. The revenue from operations for Q4FY'23 was Rs 926 crore, as compared to Rs 808 crore in the corresponding period of the previous year, representing a growth of 14 per cent. Total expenses for the period were Rs 863 crore, as compared to Rs 772 crore in the corresponding period of the last fiscal. The Ductile Iron (DI) pipe plant-2 (new plant) production had a vertical ramp-up and its production of finished pipes touched 35 kilotonnes (KT) in the quarter (25 KT in Q3 FY'23), the company said in a statement. The company said its product portfolio now covers the larger size range from 900 mm to 1200 mm diameter pipes which constituted almost 30 per cent of sales from the new plant. "The company's DI Pipe business has a healthy order bo