Tata Steel Ltd reported a 21% drop in consolidated net profit to Rs 7,714 crore in the first quarter ended June 30 on a sharp rise in input costs, especially coking coal and natural gas prices in Europe.

Revenue was Rs 63,430 crore. In India, standalone income was Rs 32,021 crore. Net debt stood at Rs 54,504 crore, the company said.

In India, product deliveries fell slightly by 2% due to a slowdown in exports following the imposition of a 15% export duty.

It achieved its highest quarterly EBITDA (earnings before interest, tax, depreciation and amortisation) at £621 million.

“We are preparing to commission a 6 MTPA pellet plant in Kalinganagar in Q3FY23, which will drive cost savings, followed by a CRM complex and a 5 MTPA expansion project. Our subsidiary Tata Steel Long Products has completed Neelachal Ispat Nigam Limited. The launch is a strategic acquisition that will drive growth in our long products business.”

Koushik Chatterjee, executive director and CFO, said: the company spent Rs 2,725 crore on Capex, in line with its annual Capex guidance.