TSLP reports Rs 184 cr loss in Q4 on account of increased expenses

Tata Steel Long Products (TSLP) has posted a standalone loss of Rs 184.11 crore during the fourth quarter of financial year 2022-23, on account of increased expenses.

The company had reported a net profit of Rs 59.62 crore during the January-March period of fiscal year 2021-22, TSLP said in a regulatory filing on Tuesday.

The company's total income rose to Rs 1,911.98 crore, from Rs 1,823.67 crore in the year-ago quarter.

While the company's total expenses surged to Rs 2,054.12 crore in the quarter under review, from Rs 1,738.24 crore in the same quarter a year ago.

For the full year 2022-23, the company has posted a loss of Rs 1,085.49 crore. It had clocked Rs 629.87 crore net profit in FY 2021-22.

Tata Steel Long Products is into manufacturing of high alloy steel primarily for the auto sector and wire rope industry.

With one million tonnes capacity, it is one of the largest speciality steel plants in India in the long product segment. Besides, the company also manufactures and markets sponge iron for the secondary steel sector and has a total production capacity of 0.90 million tonnes.