Published on 14/08/2020 9:25:23 AM | Source: Dion Global Solutions Ltd

Tata Steel Q1 net profit down 22.46% at Rs 1193.27 cr

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The company reported standalone net profit of Rs 1,193.27 crore for the quarter ended June 30, 2020 as compared to Rs 1538.99 crore in the same period last year, registering a year-on-year decline of 22.46 per cent. Net revenue of the company declined substantially by 40.94 per cent at Rs 9,338.78 crore in April-June quarter of this fiscal as against Rs 15,812.75 crore in the corresponding period last year.

During April-June quarter, operating expenses dropped by 33.35 per cent to Rs 8,087.74 crore from Rs 12,134.46 crore in year ago period. Other Income dipped by 31.88 per cent at Rs 121.15 crore versus (Jun'19 Rs 177.84 crore).

Operating Profit slipped by 68.38 per cent to Rs 1,251.04 crore as against Rs 3,956.86 crore in the year ago period, while Operating Profit Margin (OPM) contracted year-on-year to 46.44 per cent in June quarter. Interest grew by 25.61 per cent y-o-y to Rs 908.34 crore, while Taxation decreased by 58.32 per cent at Rs 360.19 crore (Jun'19 Rs 864.16 crore).