Tata Steel has reported a decline of 64 per cent year-on-year (YoY) in its consolidated net profit as the company recorded a consolidated net profit of Rs 611.48 crore in Q4 FY24, from Rs 1,704.86 crore in the same quarter of previous year. However, when compared quarter-on-quarter (QoQ), there is a fall of 19 per cent from Rs 513.37 crore in Q3 FY24.
The company’s revenue from operations has also gradually decreased by 6.7 per cent to Rs 58,687.31 crore in Q4 FY24 while in Q4 FY23, the company’s revenue from operations stood at Rs 62.961.54 crore. In Q3 of FY24, the company recorded its revenue from operations at Rs 55,539.77, marking an increase of six per cent QoQ.
Furthermore, the board of the company has approved the issuance of up to Rs 3,000 crore in new debt instruments in the form of non-convertible debentures (NCDs) through private placement. These securities may be issued in one or more tranches.
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Additionally, the company has approved the plan to inject up to $2.11 billion (Rs 17,407.50 crore) into T Steel Holdings (TSHP) Singapore, a wholly owned subsidiary, in order to pay off debt and cover the expenses associated with Tata Steel UK’s restructuring. A plan to convert loan instruments worth $565 million, or around ₹4,661.25 crore, into equity shares in TSHP for the fiscal year 2024–2025 has also been approved by the board.
The company in its 117 th annual general meeting (AGM) recommended a dividend of Rs 3.60 per Ordinary (Equity) Share of face value Rs 1 each to the shareholders of the company for FY24. However, the dividend recommended by the board of directors of the company is subject to the approval of the shareholders at the ensuing AGM of the company scheduled to be held on Monday, July 15, 2024.
From: financialexpress
Financial News
