Tata Steel witnessed a 0.21 per cent increase in share price after the company announced its Q1FY24 financial results. The quarterly report highlighted an optimistic outlook for its Indian operations, which contributed to 57 per cent of Q1 FY24 revenues.
In the June quarter, the company’s net profit dropped to ₹525 crore from ₹7,714 crore in the previous year. This decline was due to lower production and realisations, resulting in a 6 per cent decrease in revenue to ₹59,490 crore. Expenses also increased to ₹58,553 crore.
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