Tata Steel Q2 net halves to Rs 1,665 cr as tax expenses hit bottom line

This, even as sales jumped 7.4% YoY and capacity utilisation reaches normal levels

Tata Steel, the country’s oldest steel producer, reported a consolidated net profit of Rs 1,665 crore in the September quarter, down 50 per cent from same period last year as tax expenses ate into the profits even as sales were up.

Net sales of the company stood at Rs 36,475.66 crore in the period under review, up 7.4 per cent from same period last year due to higher volumes, improved realisations and cost efficiencies.

Tax expense of Rs 613 crore in the September quarter hurt the company’s bottomline in the period under review.

“The resilience of our business model and