Revenue from operations during the reporting quarter declined 8% year-on-year to Rs 54,771 crore, compared with Rs 59,490 crore in the corresponding quarter of last year.
The company’s board has approved a scheme of amalgamation among Rujuvalika Investments, a wholly owned subsidiary, and Tata Steel and their respective shareholders.
The board has also approved to infuse in one or more tranches, an amount up to Rs 35 crore and execute a share purchase and shareholders’ agreement with Tata Power Renewable Energy and its wholly owned subsidiary TP Parivart to acquire and hold 26% equity stake in TPPL.
Tata Steel also received the board nod for infusing funds up to Rs 6,000 crore, by way of subscription to equity shares of Neelachal Ispat Nigam Ltd (NINL), subsidiary of the company, during FY25.The company reported an EBITDA of Rs 6,694 crore in the first quarter, which is up about 29% year-on-year. Meanwhile, margins improved 350 basis points to 12.2%.Tata Steel India’s business recorded revenue of Rs 32,959 crore in the April-June 2024, which is a fall of 7% from Rs 35,486 crore in the corresponding period of last year.NINL clocked revenues of Rs 1,478 crore in the reporting quarter, which also declined from Rs 1,668 crore posted in the same quarter of last year.
On Wednesday, Tata Steel shares closed 0.84% higher at Rs 165.44 on NSE.