Tata Steel's Q1 net dips on high imported coke price

摘要

Tata Steel has reported 47 per cent decline in standalone net profit at 789.83 crore rupees in the first quarter ended 30th June of the current fiscal, compared to 1488.40 crore rupees in the same quarter of last year. The substantial decline in net profit was largely due to a 53 per cent spike in raw material consumption cost to 1532 crore rupees from 1004 crore rupees. Ferro alloys and minerals segment Q1 revenue declined from 477.94 crore rupees to 16.12 crore rupees. The company is depending on 40 per cent of its coal requirement from the international market and remaining 60 per cent are met through its own coal mines. This had an adverse impact on its Q1 profitability as there was a sharp rise in imported coal to 300 dollars per tonne from 80 dollars per tonne on q-o-q basis.