Mumbai, Jan 24,2024: Tata Steel on Wednesday bounced back with a consolidated net profit of Rs 522.14 crore in the Oct-Dec quarter of the current financial year from a massive Rs 2,501.95 crore loss in the same quarter of the previous fiscal, as a strong domestic demand offset the losses that the company is facing in Europe.
Tata Steel had reported a net loss of Rs 6,511.16 crore in the July-Sept quarter due to impairment charges.
Steel companies benefitted from an uptick in steel prices amid strong demand fueled by heavy infrastructure spending, but higher coking coal costs weighed on the gains.
The steel demand in India remains as the government has been making huge investments in big ticket infrastructure projects to keep India on track as the world’s fastest growing economy.
These mammoth projects in the highway, port and railway segments have generated a robust demand for steel and cement which is having a multiplier effect on growth.