Tata Steel share price recovered from early losses on Tuesday to trade over a percent higher after the company reported Q1 result in-line with analysts’ estimates. Tata Steel shares gained as much as 1.68% to ₹117.20 apiece on the BSE.
Tata Steel reported a 92% year-on-year drop in its consolidated net profit for the fiscal first quarter ended June 2023 at ₹525 crore, primarily due to weak performance of its Europe operations.
The company had reported a profit of ₹7,714 crore in the year-ago period. Sequentially, consolidated net profit declined 63% from ₹1,566 crore in Q4FY23.
The company's consolidated total revenue from operations in Q1FY24 fell 6.21% YoY to ₹59,489.66 crore from ₹63,430.07 crore in Q1FY23, impacted due to lower volumes, which were partially offset by higher realisations across geographies.
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