Tata Steel Q1 Result : Net profit falls 92% at Rs 525 cr, revenue slips marginally

Tata Steel Ltd on Monday reported 93 per cent decline in consolidated net profit at Rs 524.85 crore for the quarter ended June 30, 2023. It reported a consolidated net profit of Rs 7,714 crore in the year-ago period. 

The company’s consolidated total income also fell by 4.75 per cent to Rs 60,666.48 crore for June quarter as compared to Rs 63,698.15 crore a year ago.  

The expenses of steel giant soared to Rs 58,553.25 crore in the first quarter of FY24 against the Rs 51,912.17 crore a year ago.

Tata Steel on Monday also informed that it has reappointed TV Narendran as MD and CEO for 5 years. 

"Based on the recommendation of the Nomination and Remuneration Committee, the Board considered and unanimously approved the re-appointment of Mr. TV Narendran as the Chief Executive Officer and Managing Director of the Company for a further period of five years effective September 19, 2023 through September 18, 2028, not liable to retire by rotation," the company said in an exchange filing.

The re-appointment is subject to the approval of the shareholders of the company, the statement said. Narendran's present tenure as CEO & MD will conclude on September 18, 2023

Tata Steel’s scrip on BSE closed 1.16 per cent lower at Rs 115.25 on Monday.

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