Tata Steel Q4 Net Profit Falls 64% to Rs 611 Crore, Shares Fall Nearly 3%

Tata Steel reported a significant decline in its Q4FY24 financial performance. The company's net profit slumped 64% year-over-year to Rs 611 crore, missing Dalal Street estimates. The India business EBITDA per tonne was seen at ₹14,150. Additionally, Tata Steel's fourth-quarter profit fell 5% to Rs 8,190.23 crore due to poor pricing of steel products amid intense competition and an influx of cheap imports. The company slipped back into the red for FY24, impacted by one-off costs. Despite these challenges, Tata Steel's CEO expects debt levels to remain largely unchanged but aims to reduce the net debt-to-EBITDA ratio, which worsened in the March quarter. The UK operations are expected to continue struggling due to wind-down costs in H1FY25, while the Netherlands business is projected to turn EBITDA positive in Q1FY25. Tata Steel shares fell nearly 3% following the weak Q4 results.