Tata Steel has posted a consolidated net profit of ₹1,200.88 crore for the March quarter, doubling its earnings from last year's same quarter, backed by an improvement in income.
The steel major had posted a profit after tax (PAT) of ₹554.56 crore in the April-June quarter of the 2023-24 fiscal year, as per its regulatory filing.
In the January-March quarter, the aggregate income of the company was ₹56,679.11 crore, lower than ₹58,863.22 crore in the year-ago period.
Operating expenses were also down, with its expenses reducing to ₹54,167.61 crore from ₹56,496.88 crore in a year.
For the entire fiscal year FY25, Tata Steel recorded a net profit of ₹3,173.78 crore. This is a significant reversal from a net loss of ₹4,909.61 crore in the previous fiscal.
Also, the board of directors has recommended a dividend of ₹3.60 per equity share (360% on a face value of ₹1) to the shareholders for FY25.
The board has also sanctioned a scheme, subject to foreign exchange regulations, to invest up to USD 2.5 billion (₹21,410.95 crore) in its wholly owned overseas subsidiary, T Steel Holdings Pte Ltd (TSHP). The infusion of funds, by way of equity share subscription, will be done in one or more tranches in the current financial year.
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