- Wednesday, October 30, 2024
During the April-June quarter, the steel major reduced its expenses to Rs 523.89 billion from Rs 585.53 billion in the same period a year ago
By: Shajil Kumar
STEEL major Tata Steel on Wednesday reported a 75 per cent rise in its consolidated net profit at Rs 9.18 billion (£85.49 million) in June 2024 quarter as the company managed to reduce its expenses.
It had reported a net profit of Rs 5.24 bn (£48.80m)during the April-June period of the preceding 2023-24 fiscal, the company said in an exchange filing.
The total income fell to Rs 550.31 bn (£5.12bn) during the reporting period from Rs 606.66 bn (£5.65bn)a year ago.
During the quarter under review, the company reduced its expenses to Rs 523.89 bn (£4.88bn) from Rs 585.53 bn (£5.45bn) in the same period a year ago.
Meanwhile, the board of the company approved the acquisition of a 26 per cent stake in TP Parivart Ltd.
As part of the plan, the company said it will infuse, in one or more tranches, up to Rs 350 million (£3.26bn) and execute a Share Purchase & Shareholders’ Agreement (SPSA) with Tata Power Renewable Energy Ltd (TPREL) and its wholly-owned subsidiary TP Parivart Ltd (TPPL), to acquire and hold 26 per cent equity stake in TPPL.
The board also approved the proposal to infuse funds, in one or more tranches, up to Rs 60 billion, by way of subscription to equity shares of Neelachal Ispat Nigam Limited (NINL), a subsidiary of the company, during FY 2024-25.
Besides, the board has cleared the scheme of amalgamation amongst Rujuvalika Investments Limited, a wholly-owned subsidiary of the company, as well as Tata Steel and their respective shareholders, the filing said. (PTI)
