Tata Metaliks Ltd on Wednesday reported a sharp fall in net profit to Rs 1.22 crore during the June quarter, mainly on account of higher expenses.
It had reported a net profit of Rs 94.72 crore in the April-June quarter of financial year 2021-22, the company said in a regulatory filing.
in the first quarter of the current fiscal, the company's total income stood at Rs 669.35 crore compared to Rs 606.45 crore in the year-ago period.
During the same period, the expenses climbed up to Rs 667.72 crore from Rs 471.62 crore a year ago.
A subsidiary of Tata Steel, Tata Metaliks has its manufacturing plant at Kharagpur, West Bengal, where the company produces the pig iron and Ductile Iron Pipes (DIP).
"While DIP business has delivered close to its planned volumes, the pig iron business got adversely impacted due to lower production and higher cost arising out of the annual maintenance shutdowns and also on account of operational issues in one of the blast furnaces for much of April and May," Sandeep Kumar, Managing Director of Tata Metaliks said in a statement.
He also said that significant increase in coal, coke and consumable prices coupled with continuing drag of old DIP orders booked in FY21 and a sharp drop in pig iron prices post imposition of 15 per cent export duty severely dented the profitability in the June quarter.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app