On Thursday, Tata Metaliks shares dipped 8 per cent to Rs 645 on the Bombay Stock Exchange (BSE) after the company reported a decline in its profit after tax (PAT) to Rs 1.22 crore in the first quarter of 2022-23. The Tata Group company had a PAT of Rs 94.72 crore in Q1FY22. Sales Volume of Pig Iron & DI Pipe during the quarter fell by 23 per cent and 8 per cent, respectively. Also, the price of pig Iron witnessed a market price drop after the government’s imposition of export duty on May 22, 2022.
- Drones Take Over Where Humans Can’t — From Mountains to Missions
- India May Cut GST on Handicrafts, Maintain Apple Imports to Curb Prices
- US to Deliver Two F404 Engines Monthly Till March 2026: Defence Secretary
- MapmyIndia Partners with India Post’s DIGIPIN for Last-Mile Delivery; Shares End Higher
- Godavari Biorefineries’ Anticancer Patent Validated in Europe; Shares Fall 3%
On the other hand, the revenue for the first quarter increased 11 per cent YoY. Pig Iron and DI Pipe also rose by 36 to 40 per cent.
“On the raw materials front, coal and coke prices increased significantly (coke price was up 30 per cent over March 2022 quarter or Q4). Due to these factors,” Tata Metaliks said, it severely impacted profitability in the quarter.
On Thursday, Tata Metaliks shares dipped 8 per cent to Rs 645 on the Bombay Stock Exchange (BSE) after the company reported a decline in its profit after tax (PAT) to Rs 1.22 crore in the first quarter of 2022-23. The Tata Group company had a PAT of Rs 94.72 crore in Q1FY22. Sales Volume of Pig Iron & DI Pipe during the quarter fell by 23 per cent and 8 per cent, respective
