Tata Steel's Profit Crashes 64%, Announces ₹3.60 Dividend

Tata Steel posted its earnings for the quarter ended March after the markets closed on Wednesday.

What Happened: The steel major’s net profit for the March quarter stood at ₹611 crore, down around 64% from the ₹1,704 crore posted in the same quarter last year. The Tata Group company’s revenue from operation was at ₹58,687 crore, down around 6.7% from the ₹62,961 crore posted in the same quarter last year. Both the bottom and topline missed analysts’ estimates. Profit was seen at around ₹1,000 crore, while revenue was pegged to come in at ₹60,000 crore.

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The company also announced a ₹3.60 per share final dividend for the year ended March 2024. The record date for the dividend is June 21. The steel giant’s board also approved the issue of additional debt securities, in one or more tranches, up to ₹3,000 crore in the form of non-convertible debentures on a private placement basis (Issue).

EBITDA for the quarter came in at ₹6,601 crore with an EBITDA margin of 11.2%

Price Action: Tata Steel’s share price was down 0.37% to close at ₹174.25 on Wednesday.

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