Tata Steel Ltd on Wednesday released its financial results for the July-September quarter of the financial year 2024-25 (FY25). The company managed to return to profitability with a net profit of Rs 833.45 crore in the second quarter of the current financial year.

In comparison, the company incurred a loss of Rs 6,196.24 crore in the corresponding quarter of the previous financial year 2023-24 (FY24), Livemint reported. The company’s revenue from operations fell 3 percent to Rs 53,489.73 crore in the quarter under review, compared to Rs 55,107.21 crore in the September quarter of the previous fiscal year.

The steelmaker clocked costs at Rs 52,331.58 crore in the quarter ended September 30, 2024, down 6.3 percent from Rs 55,853.35 crore reported in the same quarter a year earlier. These expenses were driven by the reduction in other expenses, the company’s official filings revealed.

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Segment-wise, the company’s business revenue fell 5.25 percent in the July-September period to Rs 32,399.48 crore, while revenue for the segment stood at Rs 34,197.76 crore in the same period last year.

The steelmaker’s European operations accounted for the second largest source of revenue, after the company’s domestic steel operations in India. The company had an EBITDA of Rs 6,141 crore during the quarter under review.

The company appointed Pramod Agrwala to its board, effective November 6. The company said the same: “The Board of Directors of the Company considered and unanimously approved the appointment of Pramod Agrawal (DIN: 00279727) as an Additional Director. (Non-Executive, Independent) with effect from November 6, 2024 and as an Independent Director of the Company for a period of 5 years from November 6, 2024 through November 5, 2029, subject to approval by the shareholders of the company.”

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