Tata Metaliks Q3 results: Net profit falls 73% to Rs 9.48 crore

Tata Metaliks Ltd (TML) on Tuesday reported a sharp fall of 73 per cent in its December quarter net profit at Rs 9.48 crore, on account of increased expenses.

The company had posted a Rs 35.65 crore net profit in the year-ago period, according to a statement.

Its total income rose to Rs 792.43 crore from Rs 693.12 crore during the October-December period of the previous year.

Total expenses increased to Rs 780.18 crore as against Rs 642.83 crore a year ago.

In a separate statement, Alok Krishna, Managing Director of Tata Metaliks, said: "Pig Iron business was adversely affected by weak health of one of the blast furnaces which had frequent shutdowns and increased costs. The blast furnace has been repaired in early December 2022." The new Ductile Iron (DI) pipe plant has been ramping up well with volumes increasing quarter-on-quarter and higher volumes are expected to come from it in the fourth quarter.

A subsidiary of Tata Steel, Tata Metaliks produces pig iron and ductile iron pipes. Its annual hot metal production capacity is 5 lakh tonnes, out of which 2 lakh tonnes is converted into DI pipes and 3 lakh tonnes into pig iron.