Tata Steel Long Products tumbled 4.15% to Rs 577.85 after the company reported a net loss of Rs 331.09 crore as against a net profit of Rs 331.60 in Q1 FY23 over Q1 FY22.
Net sales during the quarter increased 18.2% year on year to Rs 1,994.25 crore.Pre-tax loss stood at Rs 334.80 crore in Q1 FY23 as against a profit before tax of Rs 444.03 crore posted in Q1 FY22.
Total expenditure increased by 76.6% to Rs 2,062.28 crore in Q1 FY23 over Q1 FY22, due to higher raw material costs, up 121.4% YoY to Rs 1,665.31 crore.
Employee cost stood at Rs 60.50 crore (up 14.4% YoY) and finance cost zoomed 990% YoY to Rs 341.54 crore in the quarter ended 30 June 2022.
Tata Steel Long Products is one of India's largest integrated special steel and merchant direct reduced iron (sponge iron) player.
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