tata steel: Tata Steel Long Products Q1 Results: Firm posts Rs 331 crore net loss

Tata Steel Long Products Limited (TSLP) on Thursday posted a net loss of Rs 331.09 crore in the June quarter, mainly on account of higher expenses. The company had a profit of Rs 331.60 in the year-ago period.

Its total income, however, rose to Rs 2,154.78 crore from Rs 1,726.82 crore in the quarter ended June 2021.

The company saw its expenses rise to Rs 2,489.58 crore from Rs 1,282.59 crore in the same period a year ago.

A subsidiary of Tata Steel, TSLP is one of India‘s largest integrated special steel and merchant direct reduced iron (sponge iron) players.

Through TSLP, Tata Steel recently completed the acquisition of Odisha-based one Million Tonne Per Annum (MTPA) steel mill NINL for a consideration amount of Rs 12,000 crore.