Tata Steel Q4 results: Net profit falls 82.5% to Rs 1,705 cr; firm declares Rs 3.6 dividend

Steelmaker Tata Steel Ltd on Tuesday reported 82.5% decline in net profit at Rs 1,705 crore for the quarter ending March 31, 2023 hurt by falling demand in Europe and weak steel prices. It reported net profit of Rs 9,756 crore in the year-ago period.

The company's revenue from operations fell 9% to Rs 62,962 crore in Q4FY23 as compared to Rs 69,324 crore in Q4FY22.

The Tata Group firm declared dividend of Rs 3.6 per share. On Tuesday, the company's scrip on BSE closed 2.2% higher at Rs 110.30.

Steel exports to Europe have been weak in the last couple of quarters as recessionary pressures hurt demand. European operations, which account for roughly 35% of total revenue, fell about 17% to 220.36 billion rupees.

"In Europe, margins were broadly similar on a QoQ (quarter-on-quarter) basis as improvement in costs was offset by drop in revenues," Tata Steel said in a statement.