Steel major Tata Steel Ltd closed the first quarter of the current fiscal with a lower after tax profit on a higher turnover, as compared to corresponding period previous year.
In a regulatory filing on Monday, the company said the after tax profit for the period ended June 30, 2022 stood at Rs 5,783 crore on a turnover of Rs 34,015 crore.
For the corresponding period of the previous year, Tata Steel had posted a net profit of Rs 9,112 crore on a turnover of Rs 29,377 crore.
Managing Director and Chief Executive Officer T.V. Narendran 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."
He also said the company is geared towards commissioning the 6 MTPA pellet plant at Kalinganagar in the third quarter of the current fiscal, which will drive cost savings followed by the cold rolling mill (CRM) complex and the 5 MTPA expansion project.
"Our subsidiary, Tata Steel Long Products, has completed the strategic acquisition of Neelachal Ispat Nigam Ltd and will drive growth of our long products business," he added.