Tata Metaliks Limited (TML), a subsidiary of Tata Steel, has reported 36.45 per cent year-on-year decline in net profit at Rs 19.42 crore for the first quarter ended June 30, 2019.
"The Tata group company, engaged in the manufacturing of pig iron and ductile iron pipes, had posted a net profit of Rs 30.56 crore in the same quarter last year," Tata Metaliks said in a filing to the Bombay Stock Exchange.
Revenue from operations, however, rose by 6.73 per cent to Rs 499.03 crore during April-June quarter of 2019-20, as against Rs 467.54 crore in the same period of 2018-19.
The other income of the company increased to Rs 4.40 crore during Q1FY 20 versus Rs 1.48 crore in the same quarter last year.
Total expenses stood at Rs 475.90 crore in the quarter under review against Rs 427.33 crore in June quarter of 2018-19.
Segment-wise, revenue from pig iron rose to Rs 383.47 crore for Q1 FY20 compared to 369.98 crore in Q1 FY19. The ductile iron (DI) pipe business also saw a surge rise in revenue to Rs 257.01 crore versus Rs 227.36 crore in the year-ago period.
Ahead of the earnings release, Tata Metaliks shares closed trade at Rs 581.10 apiece, down 0.26 per cent, on the BSE on Monday. The scrip opened higher at Rs 586.30 against the previous close level of Rs 582.60 per share and touched an intra-day low of Rs 574 during the day's trade.
Edited by Chitranjan Kumar