New Delhi: Tata Steel on Thursday reported a 19 per cent rise in consolidated net profit to Rs 2,385.24 crore in Q1 FY27 on account of growth in revenues from India operations.
It had clocked a net profit of Rs 2,007.36 crore in Q1 FY26, the company said in an exchange filing.
Tata Steel said its total income rose to Rs 61,026.97 crore from Rs 53,466.79 crore in the same quarter a year ago.
The board also approved the core project of steelmaking capacity expansion by 4.8 MTPA in NINL for an estimated capex of Rs 33,873 crore. This will enable Tata Steel to further expand its long products portfolio, especially in the retail space where the company's branded products are in high demand. NINL is currently going through the process of amalgamation into Tata Steel Ltd.
On July 4, 2022, Tata Steel completed the acquisition of Odisha-based Neelachal Ispat Nigam Ltd (NINL) - the first state-owned steel company to be divested by Modi government - through its erstwhile subsidiary Tata Steel Long Products for a consideration of Rs 12,100 crore.