The company rebounded from the loss of Rs 6,196 crore in the July-September quarter last year after posting a net profit of Rs 833 crore in the quarter under review.
The revenues of the company's operations declined 3 per cent year-on-year at Rs 53,905 crore.
The company had reported an EBITDA of Rs 6,141 crore for the second quarter while margins stood at 11.4 per cent.
Tata Steel has been incurring losses in its UK business. The company said in a filing with BSE that Tata Steel Europe Ltd ('TSE'), its wholly-owned step-down subsidiary, is exposed to certain climate-related risks which could affect its future cash flow. The cashflow projections include the effect of decarbonization since both TSUK and TSN businesses in TSE have announced that they would leave the existing production process behind and go for electric arc furnace-based production. The decarbonisation proposal has a signed GFA with the UK government on September 11, 2024. The funding available under the GFA and equity funding to be infused into TSUK through T Steel Global Holdings Pte. With respect to the wholly-owned subsidiary, Ltd ('TSGH'), the company, TSUK is now assured that funding would be sourced both from the government of UK and from the company for its decarbonisation proposal.
With this, it has been established that there is no material uncertainty in respect of the going concern basis of TSUK and that the TSUK has adequate liquidity to meet its financing requirements.
The Board of the Company also informed the stock exchange about its deliberation and unanimous decision, based on the recommendation of the Nomination and Remuneration Committee to appoint Pramod Agrawal as an Additional Director (Non-Executive, Independent) effective November 6, 2024, and as an Independent Director of the Company for a term of 5 years.
Tata Steel stock closed the day at a 0.85 per cent appreciation at Rs 153.60 as compared to market close of Rs 152.30 on Tuesday. The company announced its quarter result after market hours.
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