Tata Metaliks Limited (TML) has posted a 74 per cent fall in its profit after tax (PAT) at Rs 14.29 crore in the quarter ended September 30, mainly on account of higher expenses. The company had clocked Rs 54.82 crore PAT in the July-September period of the preceding 2021-22 fiscal, according to the figures shared by Tata Metaliks Limited on Monday.
However, its total income rose to Rs 881.77 crore from Rs 647.96 crore in the year ago quarter.
The company’s expenses grew to Rs 861.64 crore from Rs 566.95 crore a year ago.
Sandeep Kumar, Managing Director of Tata Metaliks, said: “Pig iron market demand is expected to continue to be under pressure due to oversupply in the domestic market. Although post festive season, demand and utilisation levels are expected to be better from Nov ’22.”
Tata Metaliks Limited, a subsidiary of Tata manufacturing unit at Kharagpur, West Bengal, produces pig iron and ductile iron (DI) pipes. The plant annually produces around 6 lakh tonnes of hot metal, out of which over 2 lakh tonnes are converted into DI pipes and the rest into pig iron.
In September, the board of directors of Tata Steel approved schemes for the proposed amalgamation of six subsidiaries including Tata Metaliks into and with Tata Steel.
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