Net sales jumped 57.7% year on year to Rs 2,947.60 crore in the quarter ended 30 September 2023.
The company reported a pre tax loss of Rs 436.57 crore in the second quarter of FY24 as against a pre tax loss of Rs 775.24 crore posted in Q2 FY23.
Total expenses stood at Rs 3,442.03 crore in Q2 FY24, up 27.66% YoY. Cost of materials consumed was at Rs 1,775.57 crore (up 30.74% YoY) while employee benefits expenses came in at Rs 119.60 crore (up 12.73% YoY) during the period under review.
On half-yearly basis, the company reported a consolidated net loss of Rs 677.27 crore in H1 FY24 from Rs 977.31 crore in H1 FY23. Revenue was at Rs 6,515.84 crore in H1 FY24, registering a grwoth of 68.7% YoY.
Tata Steel Long Products has presence across the entire value chain of steel manufacturing from mining and processing iron ore to producing and distributing steel based long products. The company also has sponge iron manufacturing facility and captive power plants generating power from waste heat and thermal coal.
Shares of Tata Steel Long Products declined 1.13% to settle at Rs 792.55 on Friday, 13 October 2023.