Tata Steel 1Q FY23 profit after tax down by 21% to Rs 77.1bn

Tata Steel 1Q FY23 results : Tata Steel Limited has reported a profit after tax (PAT) of INR 7,714 crores for the first quarter of the fiscal year 2023 (1Q FY23), a 21% decrease compared to INR 9,768 crores in the same period of the previous fiscal year.

In the previous quarter, that is 4Q FY22, the Indian steelmaker had a profit after tax of INR 9,835 crores.

Tata Steel 1Q FY23 earnings before interest, taxes, depreciation, and amortization (EBITDA) was INR 15,047 crores, a 7% decrease compared to INR 16,185 crores in the same quarter of the previous fiscal year.

The turnover of the Indian steelmaking company for the reported quarter was INR 63,430 crores, an increase of 18.6% compared to INR 53,465 crores in 1QFY22.

Tata Steel 1Q FY23 profit after tax down by 21% to Rs 77.1bn. Photo courtesy of Multi Hero/Wikipedia.org.

The production of Tata Steel in 1Q FY23 was 7.74 million tons, a 1.8% decrease compared to 7.88 million tons in 1Q FY22.

T V Narendran — Tata Steel CEO and Managing Director, commenting on Tata Steel 1Q FY23 results, said: “This has been a challenging quarter for the Global and Indian economy with rising interest rates, supply chain constraints and slowdown in China due to COVID.  Despite these multiple headwinds, Tata Steel has delivered a strong performance with an improvement in margins.

“Our strong marketing franchise and superior business model in India enabled us to successfully pivot and increase our domestic deliveries to counter the 15% duty imposed on steel exports in the middle of the quarter.”

Tata Steel said that the 6MTPA Kalinganagar pellet plant will be commissioned in 3QFY23. This will be followed by the Cold Roll Mill complex and the 5MTPA expansion.