Tata Steel Q2 results: Revenue declines 3%
Business Business: Tata Steel Limited announced its July to September quarter results on Wednesday, November 6. According to the company’s BSE filing on Wednesday, the company reported a net profit of Rs 833.45 crore for the second quarter of FY 2024-25. The steelmaker suffered a net loss of Rs 6,196.24 crore in the second quarter of FY 2023-24. Shares of Tata Steel closed 0.85 per cent higher at Rs 153.60 after Wednesday’s trading session, compared to Rs 152.30 at the previous market close. The company released its second quarter results after market operating hours on Wednesday. Key points to watch:
Revenue from operations: The company’s revenue from operations declined 3 per cent to ₹53,489.73 crore in the second quarter as against ₹55,107.21 crore in the same period of the previous fiscal.
Expenses: The steelmaker’s expenses for the July-September quarter fell 6.3 per cent to ₹52,331.58 crore as against ₹55,853.35 crore in the same period last year. The reduction in expenses was due to a reduction in other expenses, according to the financial statements.
Segment revenue: Tata Steel’s India business revenue declined 5.25 per cent to ₹32,399.48 crore in the second quarter as against ₹34,197.76 crore in the same period last year.
Corporate action: Tata Steel also appointed Pramod Agrawal as independent director for a term of five years effective November 6.
“The Board of the Company considered and unanimously approved the appointment of Mr Pramod Agrawal (DIN: 00279727) as Additional Director (Non-Executive, Independent) with effect from November 6, 2024, and as Independent Director of the Company for a term of 5 years from November 6, 2024 to November 5, 2029, subject to the approval of the shareholders of the Company,” Tata Steel said in an exchange filing.
