PTI | | Posted by Aryan Prakash

Domestic steel giant Tata Steel on Monday reported a nearly 90 per cent drop in consolidated net profit to 1,297 crore for the July-September quarter of 2023-23, dragged by higher expenses.

The company’s net profit stood at 12,547.70 crore in the corresponding period of the previous financial year, Tata Steel said in a BSE filing.

Its total income during July-September 2022 stood at 60,206.78 crore as against 60,657.98 crore in the year-ago period.

The firm’s total expenses rose to 57,684.09 crore from 47,239.63 crore earlier.

Homegrown Tata Steel is among the top steel producers in the world.

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