Tinplate Company of India Q1 profit plummets 97 pc to Rs 2.62 crore

Total income also trimmed to Rs 931.27 crore from Rs 1,017.17 crore in the year-ago quarter.

The Tinplate Company of India Ltd has posted a 96.91 per cent decline in its net profit at Rs 2.62 crore in the June quarter, dragged by lower income. The company’s profit was at Rs 84.98 crore in the year-ago period, the Tata Steel subsidiary said in a regulatory filing on July 17.

Total income also trimmed to Rs 931.27 crore from Rs 1,017.17 crore in the year-ago quarter. Expenses increased to Rs 927.66 crore in the first quarter of the current fiscal year, as against Rs 903.46 crore in 2022-23.

Domestic steel major Tata Steel owns a 74.96 per cent stake in Kolkata-headquartered Tinplate Company of India Ltd (TCIL), a tinplate producer. From its plant in Jamshedpur (Jharkhand), TCIL caters to 40 per cent of the overall domestic tinplate market and exports contribute to 15-20 per cent of its sales.