Tata Steel Q2 Results: Steelmaker posts net profit of ₹833 crore vs loss YoY; revenue falls 3% | Mint
Tata Steel Q2 Results: Tata Steel Ltd announced its July to September quarter results on Wednesday, November 6. The company recorded a ₹833.45 crore net profit for the second quarter of the financial year 2024-25, according to the company’s BSE filing on Wednesday.
In the second quarter of the financial year 2023-24, the steelmaker incurred a ₹6,196.24 crore net loss.
Tata Steel shares closed 0.85 per cent higher at ₹153.60 after Wednesday’s trading session, compared to ₹152.30 at the previous market close. The company released its second-quarter results after market operating hours on Wednesday.
Key Highlights to look out for:
Revenue from operations: The company’s revenue from operations fell 3 per cent to ₹53,489.73 crore in the second quarter, compared to ₹55,107.21 crore in the same period the previous financial year.
Expenses: The steelmaker’s expenses for the July to September quarter fell 6.3 per cent to ₹52,331.58 crore, compared year-on-year with ₹55,853.35 crore. The expenses were driven down by the reduction in other expenses, as per the financial statements.
Segment Revenues: Tata Steel’s India business revenues fell 5.25 per cent in the second quarter to ₹32,399.48 crore, compared year-on-year with ₹34,197.76 crore.
The company received some support from the 1.01 per cent rise in the Tata Steel Europe revenues for the July to September quarter. The revenue increased to ₹19,038.42 crore, compared to ₹18,846 crore, a year ago.
Europe operations are the second-largest revenue generator for the Indian steelmaker, coming after its domestic steel business segment in the home country.
Corporate Actions: Tata Steel also appointed Pramod Agrawal as an independent director for the term of five years, effective from November 6.
“The board of the company considered and unanimously approved the appointment of Mr. Pramod Agrawal (DIN: 00279727) as an additional director (Non-Executive, Independent) effective November 6, 2024 and as an Independent Director of the Company for a term of 5 years effective November 6, 2024 through November 5, 2029, subject to the approval of the shareholders of the company,” said Tata Steel in an exchange filing.
