#TATASTEEL Concerning Quarterly Result
🌟 Result Summary:
➡️ Profit YoY shrunk by over 87% to Rs 1514 crores.
➡️ Consolidated Revenue fell by 1% to Rs 59,877 crores.
🌟 Reason for this drastic decline:
➡️ Slowdown in key economies coupled with geo-political issues.
➡️ Increase in raw material price – high-cost inventory leading to reduced operating profit.
➡️ Steel prices fell heavily leading to reduced revenues.
This poor quarterly performance is not believed to be an alarming sign as the trend prevailed across the industry. The company’s immediate peer #JSWSTEEL recorded a loss for the Quarter ending in September and cited increased material costs and imposition of export duty on finished products have impacted the bottom line.
What is your view on the Steel manufacturing industry and do you believe that this industry can have a turnaround soon?
