Tata Steel Ltd on Wednesday announced 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 operating revenue fell 3 per cent to Rs 53,489.73 crore during the quarter under review as compared to Rs 55,107.21 crore recorded in the September quarter of the previous fiscal.

The steelmaker recorded expenses at Rs 52,331.58 crore in the quarter ended September 30, 2024, down 6.3% from Rs 55,853.35 crore reported in the same quarter a year earlier. These expenses were driven by reductions in other expenses, official company documents revealed.

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At the segment level, the company’s trading revenue fell 5.25 percent during the July-September period to Rs 32,399.48 crore, while segment revenue stood at 34,197. 76 crore rupees during the same period last year.

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

The company has appointed Pramod Agrwala to its board of directors, effective November 6. Sharing the same, the company said, “The Board of Directors of the Company has unanimously considered and approved the appointment of Mr. Pramod Agrawal (DIN: 00279727) as Additional Director. (Non-executive, independent) with effect from November 6, 2024 and as an independent director of the Company for a term of 5 years from November 6, 2024 until November 5, 2029, subject to the approval of the shareholders of the society.

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