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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
