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.
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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