Tata Steel Q2 net profit down 87.3% to Rs 1,514 cr over decline in margins

Tata Steel reported a consolidated net profit at Rs 1,514.42 crore in July to September quarter (Q2FY23), down by 87.3 per cent, on the back of declining margins. In the year-ago period, net profit was at Rs 11,918.11 crore.
 

Revenues from operations at Rs 59,877.52 crore was marginally down from Rs 60,387.13 crore in the year-ago period. While revenues came in higher than expectations, profits fell short of estimates. A Bloomberg consensus estimate pegged revenues at Rs 56,321.5 crore and net income at Rs 3,154.7 crore.
 

Sequentially, revenues were down 5.6 per cent and net profit by 80.49 per cent.